Petition for compulsory accounting

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Latest post Fri, Apr 23 2010 8:08 AM by Drew. 1 replies.
  • Fri, Apr 23 2010 12:32 AM

    • willdee
    • Not Ranked
    • Joined on Mon, Apr 5 2010
    • NY
    • Posts 10

    Petition for compulsory accounting

    Does anyone know a site were I can download a form for an estate accounting ?

    I took the advice I got here on this forum and went down to the surrogate court

    and I found that there is a docket to be heard, I.m the administrator of my brothers

    estate and my sister wants an accounting,  I have never had to fill one out, my question

    is do I have to account for all the years that  I have been administrator since 1988, or

    just the last couple of years? He is still receiving royalties and residuals payments for book and films, I also made a

    deal with one of his plays to be brought back to broadway. Thanks to everyone that has help. I really appreciate you taking the time to help!

  • Fri, Apr 23 2010 8:08 AM In reply to

    • Drew
    • Top 10 Contributor
    • Joined on Thu, Mar 30 2000
    • PA
    • Posts 51,417

    Re: Petition for compulsory accounting

    Layman's guess and no clue of NY specific issues:

    The fact that an heir requests an accounting does not mean said request will be granted, but lets assume it is granted:

    Again my lay guess, a FORMAL accounting  means a full blown accounting from square one which may be the date of death or date you took over, but again my guess is date of death so it would include any activities of any prior administrator as well , and up thru the current date, and that it means an accounting conducted by a CPA or attested to by a CPA --English translation=Expensive and daunting especially in your fact pattern!

    But its not the heirs fault you failed to provide an accurate annual update to the score card is it?

    Apparently on the other hand, if you have been providing decent updated and/or the applicants request for a FORMAL account is deemed to be frivolous by the court the  NY court can make the applicant pay the costs!

    Again, my lay guess

    1. If you have been remiss in providing  updated, be prepared to be order to provide a fancy formal full scale report.--at estate expense of course

    2. If you have not been remiss, go get counsel, at estate expense of course, and defend vigioursly that a formal accounting is not necessary in your fact pattern.

    3. Given the massive expenses involved, work it out with the heirs, who probably does deserve a decent review of all activities since  square one, and seek to dealy formal hearing---the intent being to withdraw once a decent accounting has been provided.

       &nbs... 3.1 There may be a difference--if you have merely been sloppy and slow--you might be able to convince heir to wait a modest time until you get it done--but speed matters BUT if I were the heir and I had reason to suspect you were self dealing or pocketing funds etc, I would not agree for just you to come up with answers, I'd want an independent audit.

       &nbs... 3.2 Lets asssume formal route costs estate $25,000----now tell me what route is more cost effective?

         3.3 Keep in mind that the heir for the attorney has a bit of a self serving motive called $$ to make you dance and keep dancing

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