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.
The Nassau New York Petition for Judicial Settlement of Account — Trust is a legal document filed in the Nassau County Surrogate's Court that initiates the process of settling a trust account. This petition is crucial for individuals who serve as fiduciaries or trustees of a trust, enabling them to seek court approval for the final accounting of the trust's assets and liabilities. By filing this petition, the trustee requests a judicial review to ensure the trust's funds have been managed properly, and all beneficiaries' rights have been addressed. Keywords: Nassau New York, Petition for Judicial Settlement of Account, Trust, legal document, Nassau County Surrogate's Court, fiduciaries, trustees, final accounting, assets, liabilities, court approval, beneficiaries, judicial review, trust funds, managed properly, beneficiaries' rights. Different types of Nassau New York Petition for Judicial Settlement of Account — Trust may include: 1. Nassau New York Petition for Judicial Settlement of Account — Revocable Living Trust: This type of petition is filed when a trustee seeks to settle the account of a revocable living trust. It allows the trustee to present a comprehensive report of the trust's financial activities and seek the court's approval for the distribution of assets to the beneficiaries according to the terms outlined in the trust agreement. 2. Nassau New York Petition for Judicial Settlement of Account — Irrevocable Trust: This particular petition is used when a trustee wishes to settle the account of an irrevocable trust. It enables the trustee to provide the court with a detailed account of the trust's financial transactions, including the investments made, income generated, and expenses incurred. The trustee requests the court's approval for the final distribution of the trust's assets among the designated beneficiaries. 3. Nassau New York Petition for Judicial Settlement of Account — Testamentary Trust: When a trustee manages a testamentary trust — a trust that becomes effective upon the death of the granter — they can file a petition for judicial settlement. This petition serves to inform the court about the administration of the trust since its creation, including income received, expenses incurred, assets purchased or sold, and any actions taken by the trustee. By seeking judicial settlement, the trustee ensures that the beneficiaries' rights are safeguarded and the trust is properly distributed. 4. Nassau New York Petition for Judicial Settlement of Account — Special Needs Trust: For trustees overseeing a special needs trust, this petition plays a vital role in seeking court approval to settle the trust's account. A special needs trust is specifically designed to preserve assets for an individual with special needs while ensuring their eligibility for government benefits. This petition allows the trustee to present an account of all financial transactions, demonstrate compliance with applicable laws and regulations, and request distribution of funds to supplement the beneficiary's special needs. Keywords: Nassau New York, Petition for Judicial Settlement of Account, Trust, Revocable Living Trust, Irrevocable Trust, Testamentary Trust, Special Needs Trust, trustee, court approval, trust account, financial activities, assets, beneficiaries, distribution.The Nassau New York Petition for Judicial Settlement of Account — Trust is a legal document filed in the Nassau County Surrogate's Court that initiates the process of settling a trust account. This petition is crucial for individuals who serve as fiduciaries or trustees of a trust, enabling them to seek court approval for the final accounting of the trust's assets and liabilities. By filing this petition, the trustee requests a judicial review to ensure the trust's funds have been managed properly, and all beneficiaries' rights have been addressed. Keywords: Nassau New York, Petition for Judicial Settlement of Account, Trust, legal document, Nassau County Surrogate's Court, fiduciaries, trustees, final accounting, assets, liabilities, court approval, beneficiaries, judicial review, trust funds, managed properly, beneficiaries' rights. Different types of Nassau New York Petition for Judicial Settlement of Account — Trust may include: 1. Nassau New York Petition for Judicial Settlement of Account — Revocable Living Trust: This type of petition is filed when a trustee seeks to settle the account of a revocable living trust. It allows the trustee to present a comprehensive report of the trust's financial activities and seek the court's approval for the distribution of assets to the beneficiaries according to the terms outlined in the trust agreement. 2. Nassau New York Petition for Judicial Settlement of Account — Irrevocable Trust: This particular petition is used when a trustee wishes to settle the account of an irrevocable trust. It enables the trustee to provide the court with a detailed account of the trust's financial transactions, including the investments made, income generated, and expenses incurred. The trustee requests the court's approval for the final distribution of the trust's assets among the designated beneficiaries. 3. Nassau New York Petition for Judicial Settlement of Account — Testamentary Trust: When a trustee manages a testamentary trust — a trust that becomes effective upon the death of the granter — they can file a petition for judicial settlement. This petition serves to inform the court about the administration of the trust since its creation, including income received, expenses incurred, assets purchased or sold, and any actions taken by the trustee. By seeking judicial settlement, the trustee ensures that the beneficiaries' rights are safeguarded and the trust is properly distributed. 4. Nassau New York Petition for Judicial Settlement of Account — Special Needs Trust: For trustees overseeing a special needs trust, this petition plays a vital role in seeking court approval to settle the trust's account. A special needs trust is specifically designed to preserve assets for an individual with special needs while ensuring their eligibility for government benefits. This petition allows the trustee to present an account of all financial transactions, demonstrate compliance with applicable laws and regulations, and request distribution of funds to supplement the beneficiary's special needs. Keywords: Nassau New York, Petition for Judicial Settlement of Account, Trust, Revocable Living Trust, Irrevocable Trust, Testamentary Trust, Special Needs Trust, trustee, court approval, trust account, financial activities, assets, beneficiaries, distribution.
