An accounting by a fiduciary usually involves an inventory of assets, debts, income, expenditures, and other items, which is submitted to a court. Such an accounting is used in various contexts, such as administration of a trust, estate, guardianship or conservatorship. Generally, a prior demand by an appropriate party for an accounting, and a refusal by the fiduciary to account, are conditions precedent to the bringing of an action for an accounting.
Ohio Petition to Require Accounting from Testamentary Trustee
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The final account of an Ohio probate estate is required to include an itemized statement of all receipts of the administrator or executor during the accounting period, as well as accounting for all of the disbursements and distributions made by the executor or administrator during the accounting period.
Section 2109.04 | Bond. It shall be conditioned that the fiduciary faithfully and honestly will discharge the duties devolving upon the person as fiduciary, and shall be conditioned further as may be provided by law.
(A) An administrator or executor shall render an account at any time other than a time otherwise mentioned in this section upon an order of the probate court issued for good cause shown either at its own instance or upon the motion of any person interested in the estate.
There is a duty of competency, a duty of disclosure, a duty of loyalty, and a duty of impartiality. These duties are intended to defend the interests of the heirs of the Decedent's estate, the estate creditors, and the taxing authorities.
The fiduciary is a person with a legal duty to manage finances properly on behalf of the heirs/beneficiaries. A power of attorney is also a fiduciary with specific duties and obligations. If any "fiduciary" fails to appropriately discharge their duty, you can take action.
Section 5804.01 | Methods of creation of trusts. (B) Declaration by the owner of property that the owner holds identifiable property as trustee; (C) Exercise of a power of appointment in favor of a trustee; (D) A court order.
Every fiduciary, before entering upon the execution of a trust, shall receive letters of appointment from a probate court having jurisdiction of the subject matter of the trust.