Hello. My name is Damien. I am a Trusts & Estates attorney in New York City practicing in the New York City metropolitan area. A beneficiary of a trust is an interested party. An interested party can request a copy of the trust and ultimately, if necessary, petition for a compulsory accounting. What usually happens is a beneficiary would first request an informal accounting, which could be a summary of the transactions in the account from the date the trustee came into power. The summary could serve as an interim accounting and possibly provide the beneficiary with enough information to understanding what has taken place. If not, upon receipt of an informal accounting, a beneficiary could ask for more detail. If it appears there are discrepancies, the beneficiary could ask for a formal accounting (more detail) and if not received file a petition in court for a compulsory accounting. If you need any assistance, a New York Trusts & Estates Attorney could help you.
Answered on Jul 04th, 2021 at 4:43 AM