Probate Accountings

Fiduciary Accting

Accountings are a way to keep interested persons in an estate informed about the activity of an estate. The fiduciary (executor or trustee) must keep each presumptive beneficiary reasonably informed of the status of the estate settlement. 

Until a beneficiary's share is fully distributed, the fiduciary shall periodically account to each beneficiary by supplying a statement of the activities of the estate and of the fiduciary, specifying all receipts and disbursements and identifying all property belonging to the estate.

So, in the case of an executor, he or she would file the final accountings of an estate and then the probate court will hold a hearing.  If there are no objections, the court accepts and approves the final accounting and proposed distribution of assets to the beneficiaries.  The executor is then responsible for distributing these remaining assets as directed.

Similarly, when a trustee is responsible for administering a trust, he or she is obligated to provide trust accounting, maintain proper accounting, and provide documentation, while also keeping trust beneficiaries reasonably informed about its administration.

A fiduciary’s failure to file the required accountings is a breach of Connecticut’s state statutes and of fiduciary duty

Consequently, a beneficiary could file a petition with the Connecticut Probate court in a formal proceeding for the removal of the fiduciary or other relief. The petition will be heard by the court in a formal proceeding after notice to interested persons. A beneficiary can also question an accounting or a part of the accounting by filing a petition in a formal proceeding objecting to all or a part of the accounting which they have received. After notice to interested persons, the court will decide any questions raised about the accounting.

Related Information:
Choosing the Right Executor or Trustee
Tips for Executors: 7 Steps to the Probate Process
Should You Be a Trustee? (What You Should Know Before You Say Yes)
Trouble with an Untrustworthy Trustee?

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