GOOD RECORDS PROTECT EVERYONE
One of the most common sources of conflict during estate and trust administration is not missing money; it is missing information.
Imagine being the beneficiary of a trust. Nearly a year has passed since your parent’s death, yet you have no idea what assets remain, whether investment accounts have increased or decreased in value, what expenses have been paid, or when distributions might occur. The lack of information naturally creates anxiety and suspicion, even if the trustee has done nothing improper.
Proper accountings provide transparency. They allow beneficiaries to understand how assets have been managed, what expenses have been paid, and what property remains available for distribution. Just as importantly, thorough accountings often protect trustees and Personal Representatives by demonstrating that they have fulfilled their fiduciary duties responsibly.
Preparing an accounting involves much more than adding numbers together. Michigan law establishes specific requirements governing fiduciary records, receipts, disbursements, distributions, and supporting documentation. Whether an accounting is prepared voluntarily or ordered by the Probate Court, careful attention to detail is essential.
Our firm assists fiduciaries in preparing legally sufficient accountings while also representing beneficiaries who have questions regarding estate or trust administration. In many cases, a complete and accurate accounting resolves concerns before they develop into costly litigation. If you would like to contact Great Lakes Family Probate & Estates, you can contact us at (888) 554-5373 or submit a form to schedule a consultation.