This is an official form from the New York State Unified Court, which complies with all applicable laws and statutes. USLF amends and updates the forms as is required by New York statutes and law.
A Kings New York Petition for Judicial Settlement of Account — Trust is a legal document filed in the Kings County Surrogate's Court seeking court approval for the final accounting and distribution of assets held in a trust. This petition is typically filed upon the conclusion of a trust administration to ensure transparency, fairness, and accuracy in the distribution of trust assets among the beneficiaries. The Kings New York Petition for Judicial Settlement of Account — Trust is an essential step in closing the trust administration process and transferring ownership of the trust assets to the intended beneficiaries. This petition provides an opportunity for interested parties to review and challenge the trustee's accounting and actions taken during the administration period. Key points addressed within the petition include a detailed inventory of trust assets, a record of income and expenses, a summary of any changes made to the trust during administration, and a proposal for the final distribution of trust assets. The trustee is required to provide supporting documentation and evidence to substantiate the accuracy of the accounting and the fairness of the proposed distribution. Different types of Kings New York Petition for Judicial Settlement of Account — Trust may include: 1. Testamentary Trust: A trust established under the terms of a will. It becomes effective upon the death of the testator and all assets specified in the will are transferred into the trust for management and eventual distribution. 2. Living Trust: Also known as an inter vivos trust, this trust is created during the granter's lifetime and can be revocable or irrevocable. It allows the granter to transfer assets into the trust for their own benefit during their lifetime, with provisions for distribution upon death or incapacitation. 3. Special Needs Trust: A trust set up to protect the assets of a person with special needs, allowing them to remain eligible for government benefits while still benefiting from the trust assets. 4. Charitable Trust: A trust established with the intention of supporting charitable organizations or causes, often receiving favorable tax treatment. 5. Irrevocable Trust: A trust that cannot be altered, amended, or revoked without the consent of the beneficiaries. Once assets are transferred into an irrevocable trust, the granter no longer maintains control over them. 6. Revocable Trust: A trust that can be modified or revoked by the granter during their lifetime. The assets held in a revocable trust remain part of the granter's estate for tax purposes until their death. It is important to consult with an attorney experienced in trust administration when filing a Kings New York Petition for Judicial Settlement of Account — Trust, as the specific requirements may vary depending on the type and provisions of the trust. Compliance with relevant laws and court procedures is essential to ensure a smooth and legally valid settlement of the account.A Kings New York Petition for Judicial Settlement of Account — Trust is a legal document filed in the Kings County Surrogate's Court seeking court approval for the final accounting and distribution of assets held in a trust. This petition is typically filed upon the conclusion of a trust administration to ensure transparency, fairness, and accuracy in the distribution of trust assets among the beneficiaries. The Kings New York Petition for Judicial Settlement of Account — Trust is an essential step in closing the trust administration process and transferring ownership of the trust assets to the intended beneficiaries. This petition provides an opportunity for interested parties to review and challenge the trustee's accounting and actions taken during the administration period. Key points addressed within the petition include a detailed inventory of trust assets, a record of income and expenses, a summary of any changes made to the trust during administration, and a proposal for the final distribution of trust assets. The trustee is required to provide supporting documentation and evidence to substantiate the accuracy of the accounting and the fairness of the proposed distribution. Different types of Kings New York Petition for Judicial Settlement of Account — Trust may include: 1. Testamentary Trust: A trust established under the terms of a will. It becomes effective upon the death of the testator and all assets specified in the will are transferred into the trust for management and eventual distribution. 2. Living Trust: Also known as an inter vivos trust, this trust is created during the granter's lifetime and can be revocable or irrevocable. It allows the granter to transfer assets into the trust for their own benefit during their lifetime, with provisions for distribution upon death or incapacitation. 3. Special Needs Trust: A trust set up to protect the assets of a person with special needs, allowing them to remain eligible for government benefits while still benefiting from the trust assets. 4. Charitable Trust: A trust established with the intention of supporting charitable organizations or causes, often receiving favorable tax treatment. 5. Irrevocable Trust: A trust that cannot be altered, amended, or revoked without the consent of the beneficiaries. Once assets are transferred into an irrevocable trust, the granter no longer maintains control over them. 6. Revocable Trust: A trust that can be modified or revoked by the granter during their lifetime. The assets held in a revocable trust remain part of the granter's estate for tax purposes until their death. It is important to consult with an attorney experienced in trust administration when filing a Kings New York Petition for Judicial Settlement of Account — Trust, as the specific requirements may vary depending on the type and provisions of the trust. Compliance with relevant laws and court procedures is essential to ensure a smooth and legally valid settlement of the account.
