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.
Puerto Rico Petition to Require Accounting from Testamentary Trustee
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FAQ
By stealing from a trust or otherwise breaching fiduciary duty, a trustee keeps beneficiaries from obtaining the assets or funds that they're entitled to. In such cases, a trustee could face civil and criminal charges.
And although a beneficiary generally has very little control over the trust's management, they are entitled to receive what the trust allocates to them. In general, a trustee has extensive powers when it comes to overseeing the trust.
(a) A trustee shall keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests.
--Any employer of a person dying domiciled in this Commonwealth at any time after the death of the employee, whether or not a personal representative has been appointed, may pay wages, salary or any employee benefits due the deceased in an amount not exceeding $10,000 to the spouse, any child, the father or mother, or ...
Can a trustee withhold money from a beneficiary. Can trustees withhold assets from beneficiaries? Trustees are bound by the trust's terms and cannot unreasonably withhold a beneficiary's share, even amid disagreements.
Whether or not the trustee can withhold funds from you depends on the terms of the trust itself. If the trust requires withholding distributions under certain circumstances, such as the beneficiary reaching a specific age, the trustee must follow those stipulations.
SECTION 62-7-408. Trust for care of animal. (a) A trust may be created to provide for the care of an animal or animals alive or in gestation during the settlor's lifetime, whether or not alive at the time the trust is created.
The Trust terms, along with the California Probate Code, set the rules for trust accountings. If a Trustee refuses to provide financial information for an unreasonable amount of time, the Trust beneficiaries may want to consult with an attorney about demanding an informal or formal (court-ordered) Trust accounting.
