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.
Oregon Petition to Require Accounting from Testamentary Trustee
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The trustee has the power to collect, hold, and retain trust property received from a settlor or any other person until, in the judgment of the trustee, disposition of the property should be made. The property may be retained even though it includes property in which the trustee is personally interested. 16221.
Construct, repair, alter or otherwise improve buildings or other structures on real property in which the trust has an interest, demolish improvements, raze existing or erect new party walls or buildings on real property in which the trust has an interest, subdivide or develop land, dedicate land to public use or grant ...
A trustee owes duties of honesty, integrity, loyalty, and good faith to the beneficiaries of the trust. They must act exclusively in the best interests of the trust and be actively involved in any decisions.
What Are the 3 Duties of a Trustee? A trustee must administer the trust per the grantor's instructions, be loyal to the beneficiaries, and deal with beneficiaries impartially.
Section 130.650 - UTC 801. Duty to administer trust (1) Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in ance with its terms and purposes and the interests of the beneficiaries, and in ance with this chapter.
The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets ing to the terms of the trust. Both roles involve duties that are legally required.
A trustee (also referred to as a successor trustee) must administer the trust and manage its assets in good faith and the best interests of the trust beneficiaries. There are duties regarding disclosures of information and duties requiring preparation of financial reports.
Estate assets cannot be distributed without court approval. The court will not approve distributions from the estate until after: 4 months from the first publishing date. The required notice to heirs, devisees, and State agencies (DHS) has been given.
