Family trust trustees have a duty to account to beneficiaries upon request and pursuant to trust terms. The family trust accounting should include all assets, debts, liabilities and income. It should have starting and ending dates. It should also be prepared using the proper probate court format. Beneficiaries have the right to request an accounting, to ask the court to review the accounting, to object to the accounting and, if assets are missing, to ask the court to surcharge the trustee for wasting or misappropriating trust assets. Trustees have the right to defend their accounting and can seek trust funds to pay for their defense if they are successful.
Tips For Demanding a Family Trust Accounting:
- Make all requests in writing;
- Specifically identify the trust;
- Delayed responses are warning signs, contact a trust attorney right away.
Tips For Preparing a Family Trust Accounting:
- Be as transparent as possible;
- Be “penny accurate”;
- Keep detailed notes.
Tips For Reviewing a Family Trust Accounting:
- Review it immediately upon receipt;
- Make sure it includes assets, debts, liabilities and income;
- If anything seems “off” immediately consult with a trust attorney.
Tips For Objecting to a Family Trust Accounting:
- Do it immediately if you suspect problems;
- Seek the assistance of a trust attorney;
- Consider adding “Surcharge” relief to the prayer.
Tips For Defending a Family Trust Accounting:
- Organize all trust asset and debt related documents;
- Immediately hire a trust attorney;
- Try to act as neutral as possible.
Would you like a free consultation with our Senior Consultant?
Call Today: (714) 963-7543