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Executors, personal representatives, trustees and guardians are periodically required to prepare accountings, designed to cover in great detail the fiduciary’s financial activity.

Generally, accountings are formal, stylized documents that report the particulars of financial transactions. Accountings also include the receipt of principal, the receipt of income, the payment of expenses, including income taxes, the sales of assets, the purchase of new assets, and distributions to or for the benefit of beneficiaries, among other items.

Some jurisdictions require accountings every year or every few years, or when the remainder of the estate or trust passes to individuals or a charitable entity. Our fiduciary accountant can assist individual and corporate fiduciaries with the preparation of accountings whether yearly, occasionally or upon termination of an estate or trust.  We can also review accountings on behalf of beneficiaries, contest them if appropriate or defend a fiduciary’s accounting, even if we did not prepare the initial document.

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