Legal Question in Wills and Trusts in Massachusetts
Accounting of beneficiary's inheritance
Hello:
My father passed away 6 years ago leaving his estate equally divided between my 3 siblings and myself.
However, in the six (6) years since his death, the will's trustee has never provided any of us with any accounting of the estate. Also, after my dad's death, his business was sold and we were also beneficiaries for this sale. The trustee never provided us with an accounting of the business' sale which should have been added to our inheritances.
We have absolutely no idea of what was left to us. I would think a yearly accounting would have to be prepared for tax purposes. The trustee is an attorney and is making our lives very difficult by not letting us know the value of our portion of the inheritance.
I would greatly appreciate if you could research to see if a statement/accounting should be provided for the beneficiaries.
Thank you,
Caroline Doherty
3 Answers from Attorneys
Re: Accounting of beneficiary's inheritance
You have an absolute right to demand an accounting, and if it is refused you can petition the court to require one be filed. Consider retaining an attorney to determine whether there are reasons to petition for the removal of the fiduciary as well as an accounting from him. Good Luck. This is a reply to an internet question and does not constitute legal advice or the establishment of an attorney-client relationship.
Re: Accounting of beneficiary's inheritance
You have problems.
The first step in estate administration, assuming the will has been filed, and no one has contested it, an executor is approvided.
Within 90 days of an appointment, the executor must file an inventory of all estate property, and each item must be appraised. Tax returns may have to be filed, depending on the value of the estate.
An inventory is usually not pushed, unless somebody pushes for it.
An estate must stay open for a year, during which certain steps are to be taken by the executor. The time period is so any creditors can take action on their debts.
While there is no great requirement to file an accounting, this varies from estate to estate.
Six years, unless there are extraordinary circumstances, is way too long. You are entitled to demand an accounting, in the same way that you are entitled to demand an inventory.
The executor has a special relationship that requires the executor to use great care regarding the estate's assets. A failure by the executor to do that which is required to be done is a cause of action for their removal.
If it is worth you while, you should enlist the assistance of an attorney. You can contact me, if you have any questions, or would like to retain an attorney at 978.749.3606.
Re: Accounting of beneficiary's inheritance
You are correct in stating that an executor has certain fiduciary responsibilities, which include compiling an inventory. You should speak with an attorney at your earliest to determine what the status of the matter is.
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