Can a Fiduciary Voluntarily File a Court Accounting Report?

A fiduciary is a person or organization that acts on behalf of another person. In this role, it is the fiduciary’s job to put their clients’ interests first, as they have a duty to preserve good faith and trust.Can a Fiduciary Voluntarily File a Court Accounting Report?

If the fiduciary is accused of not following his or her duty, then he or she may decide to voluntarily file a court accounting.

Court accounting helps those who have been accused of mishandling accounts prove what actually happened with the use of probate “financial statements”.

Learn more about the relationship between fiduciaries and court accounting reports here.

Are fiduciaries able to file a court accounting report?

Fiduciaries may have a requirement to file a court accounting with the court. In particular, fiduciaries may also file court accountings to obtain a judge’s release from their liability. If the fiduciary believes that they need assistance, they have a right to retain a probate attorney to help them file court accounting with the court. 

Once the court accounting report is submitted to the court, each party receives a copy of the court accounting. Interested parties may have their Probate Lawyer file objections if they have any complaints regarding the accounting. If the parties do not agree on the transaction listed in the accounting, the judge will then review the paperwork submitted. Once the paperwork is submitted, the judge will listen to arguments from each side in the hearing and then come to a decision. If the judge finds the fiduciary mishandled the assets, the judge may decide to surcharge the fiduciary. 

Even though a fiduciary is able to file a court accounting, they will still need to figure out which forms need to be filled out, which in turn may make things more complicated. As a result, it may be easier if someone who specializes in court accounting does it.

Related Article: 3 Steps to Take Before Hiring a Professional Fiduciary

Have more questions regarding court accounting?

Marcia L. Campbell, CPA specializes in court accounting. Marcia’s team has a genuine interest in your well-being and a well-established list of services to help guide you through this process.

If you need help, please contact us by filling out our Contact Form or by giving our office a call at +1(951)686-3608.

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