An accounting by a fiduciary usually involves an inventory of assets, debts, income, expenditures, and other items, which is submitted to a court. Such an accounting is used in various contexts, such as administration of a trust, estate, guardianship or conservatorship. Generally, a prior demand by an appropriate party for an accounting, and a refusal by the fiduciary to account, are conditions precedent to the bringing of an action for an accounting.
Colorado Petition to Require Accounting from Testamentary Trustee
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Next Steps If a Trustee Refuses Accounting Duties Your trust and probate attorney files a petition to compel the trustee to carry out their accounting duties. The court issues a citation to your trustee mandating them to appear in court on a specified hearing date.
A beneficiary can force the passing of accounts by obtaining a Court order, A passing of accounts is legally required under certain circumstances, or. An estate trustee can voluntarily apply to Court for a passing of accounts.
15-15-401. (1) "BENEFICIARY DEED"MEANS A DEED, SUBJECT TO REVOCATION BY THE OWNER, WHICH CONVEYS AN INTEREST IN REAL PROPERTY AND WHICH CONTAINS LANGUAGE THAT THE CONVEYANCE IS TO BE EFFECTIVE UPON THE DEATH OF THE OWNER AND WHICH MAY BE IN SUBSTANTIALLY THE FORM DESCRIBED IN SECTION 15-15-404.
You can easily have more than one trust if you so choose. Factors and reasons to create more than one trusts depend on your situation. Any person can create an unlimited number of trusts. A large majority of people may be looking into a revocable living trust.
Generally, for a standard revocable trust with a simple distribution term, the total distribution could take anywhere from 12 to 18 months. Even if there are assets, such as homes, to be sold, the Trust should be wrapped up and distributed within eighteen months.
The duty to account is a legal obligation that requires trustees to provide an accurate and complete report of the trust's activities. This includes any transactions or distributions made from the trust, any income or receipts earned by the trust, as well as any fees or expenses incurred.
A Probate Court Petition to compel a trustee to account goes beyond the everyday informal accountings. It is filed by a beneficiary when a trustee fails to provide the beneficiary with an account.
Trust funds are legal arrangements that allow individuals to place assets in a special account to benefit another person or entity. Trust funds can be complex and often require the assistance of an attorney to set up, though there are online tools for the do-it-yourselfer.