Will-Trust-Probate » Trust Administration http://www.will-trust-probate.com/blog Just another WordPress weblog Fri, 20 Aug 2010 23:16:42 +0000 en hourly 1 http://wordpress.org/?v=3.0 All is Not Done Behind Closed Doors: Accounting to Beneficiaries of a Living Trust or Probate Estate http://www.will-trust-probate.com/blog/all-is-not-done-behind-closed-doors-accounting-to-beneficiaries-of-a-living-trust-or-probate-estate/ http://www.will-trust-probate.com/blog/all-is-not-done-behind-closed-doors-accounting-to-beneficiaries-of-a-living-trust-or-probate-estate/#comments Fri, 08 Jan 2010 17:59:03 +0000 sandiegolawfirm http://www.will-trust-probate.com/blog/?p=68 To make sure that beneficiaries to a will or living trust aren’t kept in the dark when it comes to the money being spent, earned, and distributed from the estate, California law requires that certain people who are in charge of handling the estate or trust property provide accountings.  The right to an accounting becomes even more important when administering a living trust because there’s much less court oversight than there is when property is distributed by the probate court when a person passes away with or without a will.  Every trust designates a “trustee” to handle administration of the trust and distribution of its assets.  If a person dies with a will, these responsibilities can fall on the “executor” who was named in the will, and when neither a trust nor a will is left behind, an “administrator” will be appointed for the job.  In carrying out his or her legal responsibilities, the person in charge of administering the assets needs to keep careful records and report to beneficiaries about the trust or will’s administration.  This usually means providing beneficiaries with a comprehensive accounting detailing all of the estate’s receipts and distributions.  This can help ensure things are being handled efficiently and prevent potential wrongdoing. 

For many, accountings are provided on time and with no need for objection.  For others, a series of challenges arise that have to be dealt with quickly before time runs out.  Beneficiaries sometimes find themselves in one or more of the following situations:

- The trustee or executor (or other fiduciary) doesn’t provide the required accounting and refuses to do so

- An account is made, but it turns out to be incomplete or incorrect

- You haven’t received required distributions from your share of the inheritance

- In managing the trust property or estate, you believe the trustee or executor may have spent or invested money carelessly or even wastefully

If you have similar concerns, we’ll work to quickly resolve the issue, and when needed we’ll petition the court for an order directing the trustee or other administrator to provide the accounting, or object to the accounting that’s been given.  Keep in mind that deadlines apply to your challenge of an accounting.  If you’re serving as a trustee, executor, or other fiduciary, we can prepare any accountings you’ll be required to submit.  Even if an accounting is waived, it’s often wise for executors and trustees to create an accounting that records all transactions.  No matter what the issue, we know how important it is to handle these matters tactfully and to strive to maintain harmony in your family after a loved one has passed away.  At the same time, it’s important to make sure your rights as a beneficiary are dealt with fairly, and to do so we can begin an accounting action or take any other necessary steps.  If you are serving as a trustee, executor, administrator, or other fiduciary, we’ll provide you with the guidance you need to properly carry out your many other duties in opening a probate or administering a living trust.  Act to protect your inheritance by contacting San Diego Law Firm’s experienced wills, trusts, and probate attorneys at (619) 794-0243.

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