20/12/2017
Passing of Accounts: What You Need to Know
The “passing of accounts” is a legal term used to describe a process which requires the approval of a judge to the accounts of an estate. Whether you are a trustee, an executor, or a beneficiary, you may have standing to compel a passing of accounts if you have a financial interest in a particular estate.
Donnell Law Group offers a team of experienced professionals to assist
in such matters. If you need the help of a lawyer
when navigating a passing of accounts, we will provide you with
assistance from a knowledgeable and experienced legal professional.
Your Local Litigation Firm Explains Passing of Accounts
When
a passing of accounts is compelled or applied for, the involved parties
must adhere to certain guidelines outlined in the Rules of Civil
Procedure. If you are the executor or trustee of an estate, you may are
required to present the accounts of the estate to the beneficiaries and
the court.
Consider this general overview of the passing of
accounts:
• What to Include? The accounts of an
estate should generally adhere to a specific format. Included in such
accounts would be all of the income that has been earned by an estate, a
list of all the assets of the estate, and all payments made out of the
estate, for example, payment of debts and liabilities of the deceased.
The trustee must provide the amount of executor compensation that he or
she is claiming by the estate. This compensation is for the work
performed to administer the estate.
• When it Might be Needed?
The passing of accounts is not always required of an executor or
trustee. However, certain circumstances may render this passing
necessary. A beneficiary might compel that the accounts be passed if an
executor or trustee has thus far failed to provide the accounts or if a
beneficiary is concerned with the conduct of a trustee. A passing of
accounts might also be needed if a trustee or executor has provided the
beneficiary with accounts that are inaccurate or insufficient. A trustee
or executor may volunteer to pass the accounts, in order to prove that
his or her duties have been performed as required.
Put simply, a
passing of accounts is like an audit of the estate accounts. This audit
is mandated and performed in, and approved by the court. If you require
assistance with such a matter, a
lawyer from Donnell Law Group can help.
When you need
experienced legal counsel, contact Donnell Law Group. Call us at 905-476-9100, or fill out our online contact
form today. We service Ajax and all of York Region.