Information on Trust Accounting
Trust Litigation Lawyer Serving Long Island
Do you need legal assistance with a trust accounting matter in Long Island, Metropolitan New York, or the surrounding counties of Nassau, Suffolk, Westchester, or Rockland? Are you concerned that trust funds may have been mismanaged? If so, your interests will be best served by contacting the Long Island estate planning attorney at The Law Office of Michael J. Brescia, P.C. as soon as possible to help settle the matter, which may involve bringing the trustee to court in
litigation. We are experienced in all types of trust,
will, and probate litigation and can use our extensive knowledge and experience to legally resolve the issue.
Trust Accounting Cases in Long Island, NY
In a trust, a trustee holds the property and assets assigned to the trust by the grantor for the benefit of his or her beneficiaries. Trusts are private agreements created for many reasons, depending on the needs and objectives of the grantors. They may be set up to slowly pay out funds to the beneficiary, as in the case of a grandfather paying for his grandchild's college education. In the case of a deceased person, the funds of his or her estate may be held in a trust until they can legally be released to the beneficiaries. Regardless of the function of the trust, every trust involves a fiduciary duty on the part of the trustee to protect and account for the funds and property involved.
Detailed accounting records must be kept of all monies coming and going from the trust account. Other accounting tasks must be performed as well when required, such as trust tax returns or estate tax forms. As the beneficiary of a trust, if you suspect that the trust funds are not being handled in a proper and legal manner, you can legally request an accounting from the trustee. The Long Island trust litigation lawyer at our firm can assist you with this and, if there is any type of criminal misconduct, can initiate legal recourse on your behalf.