Probate · trust · conservatorship

Reviewing and Objecting to a Fiduciary Accounting

An accounting is more than a spreadsheet. It is a representation of what a fiduciary did with property belonging to an estate, trust, conservatee or other person.

Common areas for review

• Missing assets: property shown earlier but not accounted for later.
• Unexplained withdrawals: payments without a clear estate or trust purpose.
• Sale proceeds: whether the gross and net proceeds are documented and traced.
• Fiduciary fees: the basis and authorization for compensation.
• Distributions: whether amounts and recipients match governing rights and prior orders.
• Property on hand: whether ending cash and noncash assets are complete and correctly valued for the required purpose.
• Transfers between accounts: avoiding double counting or omission.

Numbers and legal duties must be reviewed together

A mathematically balanced accounting can still raise legal questions, and a transaction that looks unusual may have a lawful explanation. Proper review considers the governing instrument, court orders, fiduciary duties, supporting documents, applicable law and the accounting schedules together.

Correcting an accounting

Not every issue requires litigation. Depending on timing and procedure, an error may be addressed through an amended or supplemental accounting, additional schedules, supporting records, a response to objections, or an agreement among interested persons. Contested issues may require court determination.