The law requires any fiduciary, whether executor, administrator, trustee or conservator, to maintain accurate and complete records of receipts and disbursements, and transactions performed in their fiduciary capacity. These transactions include managing financial accounts as well as garnering and preserving personal property. The fiduciary is responsible for preservation and maintenance of real property, including residential, rental, commercial or farm property, as well as timber or mineral rights belonging to the Estate or Trust. Failure to act responsibly can lead to serious consequences for the fiduciary, and entitle beneficiaries or heirs to damages for any negligence or wrongful conduct by the fiduciary. Depending on the language of the Will or Trust, or applicable state law, beneficiaries have a right to hold the fiduciary accountable for these assets in a court of competent jurisdiction. Where questions arise concerning the fiduciary’s activities, we provide the representation necessary to protect the clients’ interests.
Fiduciary Accountings
