What Are Reasons to Request a Formal Accounting From an Executor?

From Our “Ask a Question” Mailbag: “What Are Reasons to Request a Formal Accounting From an Executor.”

Formal Accounting Lawyer, Glen Ridenour.

What Are Reasons to Request a Formal Accounting From an Executor:

Theft.

• Mr. Philadephia died with a Will naming his son, Montgomery, as his executor. The Will divides his estate equally between his four children. Montgomery filed the Will, was named Executor and took control over his father’s assets.  Montgomery then stopped communicating with his siblings. More than a year passed, and the other children have reason to believe that Montgomery has used the estate assets to pay his creditors and has moved Mr. Philadelphia’s house into his name. 
• The other children may rightfully have our Formal Accounting Lawyers draft and file a Petition for a Formal Accounting. The judge will order Montgomery to turn over all relevant information.  If Montgomery refuses to comply, the judge may remove him as executor and appoint one of the other children. If the evidence shows that Montgomery has wrongfully taken funds, the judge will order their return. Another possible result includes the house’s forced sale. If missing funds exceed what remains, the judge can surcharge Montgomery, forcing him to repay his siblings from his funds.

Failure to Act.

• Mrs. Lansdale died without a Will. Her daughter, Prussia, and son, Doylestown, agreed that Prussia should serve as the Administrator. She filed the necessary petition and took control of the estate assets.  Since then, she moved into the house to “fix it up” and has been living in the house for over a year.  She is vague when asked about the house’s sale and the date when estate asset’s distribution.
• Prussia’s brother Doylestown may correctly have our Formal Accounting Lawyers draft and file a Petition for Formal Accounting, Schedule of Distribution, and a Petition for Removal.  The judge will then order Prussia to provide all information about the estate as well as a plan of how she will make distributions.  The judge may also decide to remove and replace Prussia as Administrator.

Who May Have Our Formal Accounting Lawyers Petition for a Formal Accounting?

Only an interested person may successfully petition for a Formal Account. A person is an interested party if the estate benefits them and they have not yet received the amount they should have from the estate.

• Chester’s Aunt Devon died with a Will. The executor, Exton, filed the Will and took control of the estate’s assets. The Will gives Chester $20,000.00.  Exton gives Chester the $20,000.00.  Years pass and Chester hears from the other heirs that they have not received their inheritances. Chester wishes to have our Formal Accounting Attorneys petition for a Formal Account. 
  • Chester is no longer an interested person. He received his $20,000.00 and his interest in the estate ended. While the other heirs could retainer our Formal Accounting Attorneys, Chester cannot successfully file the Petition.

Follow this link to learn more about Reasons to Request a Formal Accounting From an Executor.

In Conclusion: Formal Accounting From an Executor.

I hope this article about Reasons to Request a Formal Accounting From an Executor was useful. We are always happy to brainstorm with you about your own, unique situation. 

Let our Formal Accounting Lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our Formal Accounting Attorneys.  By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!

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