Individuals, banks and trust companies that act as executors, personal representatives, trustees, guardians or conservators are periodically required to prepare accountings, designed to cover in great detail the fiduciary’s financial activity. 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.

Generally, accountings are formal, stylized documents that report the particulars of financial transactions and, if applicable, whether the estate’s or trust’s beneficiaries have resolved any matter by informal methods, meaning by agreement of all of the necessary parties, or via a court proceeding. 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.

Dentons can handle the preparation of accountings. We can assist individual and corporate fiduciaries with all types of fiduciary accountings, yearly, occasionally or when required. 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.