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Does an Executor or Trustee Have to Provide an Accounting?

Does an Executor or Trustee Have to Provide an Accounting?Being an Executor of an estate and a Trustee of a trust comes with significant responsibilities. One such responsibility is to account to the beneficiaries of the estate or trust.

Executors and Trustees are fiduciaries, which means that they owe a duty of care to the beneficiaries of the estate or trust. To confirm that the Executor or Trustee has satisfied his/her duty of care, it is important to provide an accounting at certain times during the administration of the estate or trust.

Usually, the Executor or trustee will provide an accounting to the beneficiaries prior to either a partial or final distribution when he/she requests that the beneficiaries execute a Receipt, Release, Refunding, and Waiver Agreement that is designed to protect the Executor or Trustee from liability.

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Choosing a Trustee? 3 Common Misconceptions You Should Know Before Deciding

Russo Law Associates, P.C. - Trustee - Choosing a Trustee? 3 Common Misconceptions You Should Know Before DecidingAs time goes on, many clients see the value of creating trusts to protect family members such as a spouse, children and/or grandchildren. Trusts can be used to protect a spouse if in failing health. Trusts can be used for a loved one with special needs or to protect assets for a child who has creditor or marital problems. Other trusts can be used to save estate taxes.

The decision to appoint a trustee is one of the most important decisions you will make. While our clients understand the value of establishing trusts, they are also concerned with naming the right trustee who can handle the responsibilities that will be asked of them.

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What Will Happen to My Business if I Die? Part 2

Succession Plan - What Will Happen to My Business if I Die? Part 2In our last article, we discussed the ramifications of not having a succession plan in place for a business. In this article, we will discuss the role of a fiduciary of an estate, and how an individual in that role can ensure the business continues to operate if the owner passes away.

In order to continue running the business of a deceased person, someone must be appointed as the fiduciary. This is all dependent on whether there is an estate plan in place, namely if the owner has a Last Will and Testament that must be probated with the local Surrogate’s Court.

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What to Consider When Selling Real Property from a Trust or Estate

Fiduciary Responsibility = Fair Market Value for Property by Eric J. EinhartIf you are a trustee of a trust or an executor of an estate that owns real property, you may need to sell the real property throughout the course of the administration of the trust or estate.

Before you move forward with a sale of the property, you should consider a few things:

  1. Do you have the authority to sell the property?
  2. Will there be any repairs or renovations necessary in order to sell the property?
  3. What should be the asking price of the property?
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Are Your Rights as a Beneficiary Being Protected?

Are Your Rights as a Beneficiary Being Protected?As a beneficiary of an estate or trust you have a legal right to information, even if you were not named as the fiduciary.

If you are a beneficiary who is not getting answers as to the status of an estate or trust, it’s important to know that you have options. You can hire an attorney to represent you, and he or she can communicate with the attorney who represents the fiduciary.

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