QUESTION

Can I ask trustee for full financial account of estate at time of parent's death?

Asked on Jul 04th, 2021 on Trusts and Estates - New York
More details to this question:
My sister and I are the beneficiaries of our parents' trust. She is the trustee. Our last living parent died in 2013. She has not moved to execute the terms of the trust, and honestly I have not asked her yet. But I want now to request that she get started. Can I ask her for a full financial picture of the estate back in 2013? Or even for the full account now in 2021?
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1 ANSWER

Estate Administration Attorney serving New York, NY at Damien Bosco, P.C.
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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

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