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.
Dallas Texas Petition to Require Accounting from Testamentary Trustee
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State:
Multi-State
County:
Dallas
Control #:
US-01253BG
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Word;
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How to fill out Petition To Require Accounting From Testamentary Trustee?
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FAQ
A petition, asking the court to approve the accounting (if filed), approve the distribution of the estate assets, plus any additional matters that require court approval (such as allowing fees to the representative or the attorney).
The final accounting is a summary of accounts filed by the probate executor, showing details of important financial undertakings during the accounting period. This form may not outline all the information, but those records are kept for future use.
Yes. Before the executor distributes the estate, they have to give the beneficiaries a final accounting of their administration of the estate, including any fee they're charging. And the beneficiaries must agree with it for the executor to proceed.
Request an audit of the estate through the probate court. The audit checks into whether any assets have been used frivolously by the executor. Once the audit determines that the executor has acted corruptly, the court will remove that person from the position of executor.
In general, a trust beneficiary has a right to get a copy of the trust document, receive accountings from the trustee, and expect that the trustee will perform all of its duties under the terms of the trust agreement and Texas law, but there are exceptions.
Anyone who is an immediate family member of the deceased, whether or not he or she is listed in the will, is legally entitled to view a copy.
Can a beneficiary request a copy of the will? There is no specific legal requirement for an executor to disclose a will or its terms to anyone who asks for this. However a beneficiary can ask for a copy of the will.
An executor must account to the residuary beneficiaries named in the Will (and sometimes to others) for all the assets of the estate, including all receipts and disbursements occurring over the course of administration.
The most frequent penalties for breach of fiduciary duty include suspension or removal as trustee or executor and the payment of money damages, attorney fees, and court costs.
A beneficiary of an estate or a trust has the right to review the actions of the executor or trustee by asking for an accounting. To be prudent, an executor or trustee should provide the beneficiary with updates on the status of the estate or trust.
