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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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