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.
Queens New York Petition to Require Accounting from Testamentary Trustee
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How to fill out Petition To Require Accounting From Testamentary Trustee?
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If beneficiaries suspect a trustee of theft or mismanagement, they can request that the trustee provide a detailed list of all dealings with the estate. Called an accounting proceeding, this acts as an audit for a trust or estate administrator's actions and can ultimately lead to legal action against the trustee.
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).
Before any interested person can file a court petition to compel an accounting, they must make a 60 day written demand to the trustee. If the 60 day demand is not met, then they can file a petition to compel accounting with the court.
Under California Probate Code §16062, trustees must account to each beneficiary at least annually, at the termination of the trust, and upon a change of trustee. Trustees must also provide an accounting within 60 days if a trust beneficiary demands an accounting in writing.
An heir-at-law to the creator of the trust (the settlor) who is disinherited or disadvantaged also may file a trust contest. If you have standing, then you can petition the courts and seek the justice you deserve as a rightful heir or trust beneficiary.
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 compulsory accounting proceeding is a petition by an interested party asking the Court to direct the Estate's Executor or Administrator to provide the details of all of the assets that they have collected and all of the expenses that they have paid out.
The two primary reasons to compel an account are: 1) to check the status of trust assets; and 2) to determine if the trustee is acting within his or her discretion or has breached a duty.