Sometimes, a prior demand by a potential plaintiff for an accounting, and a refusal by the fiduciary to account, are conditions precedent to the bringing of an action for an accounting. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
King Washington Demand for Accounting from a Fiduciary
Category:
State:
Multi-State
County:
King
Control #:
US-02578BG
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Word;
Rich Text
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How to fill out Demand For Accounting From A Fiduciary?
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FAQ
Once a plaintiff establishes that he has a right to an accounting, the second step is for the Court to "true-up" the partners' individual accounts to make sure that each has been allocated his fair share of partnership distributions, "fair share" referring to the allocation agreed between the partners or required by
Fiduciary accounting involves recording the transactions associated with a trust or estate entity, and issuing periodic reports on the status of the entity. This accounting is dealt with on a cash basis, where cash is recorded when received and disbursements and distributions are recorded when paid.
An action for an accounting has two elements: (1) that a relationship exists between the plaintiff and defendant that requires an accounting and (2) that some balance is due the plaintiff that can only be ascertained by an accounting. (Teselle, supra, 173 Cal.
Any aggrieved partner can request an accounting. However, it will only be granted if you can prove that: -Your business arrangement can be legally classified as a partnership.
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).
An action for an accounting is a suit in equity for a determination of the amount owed to the plaintiff when the amount to which the plaintiff is entitled is uncertain and cannot be calculated based on the information available to the plaintiff.
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.
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.
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.
