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What is a petition accounting?

A petition for trust accounting is a legal document which may be filed in a civil court of equity in a county or state, in accordance with Rules of Civil Procedure for that location (jurisdiction). A person (for example, a beneficiary) or entity, which has a legal interest in the trust, may file the petition.

What does passing of accounts mean in an estate?

The \u201cpassing of accounts\u201d is the process whereby estate beneficiaries and the probate court review and approve the executor's management of the estate.

What is a formal accounting?

Formal accountings can take up a lot of your time. When we say \u201cformal accounting\u201d we are referring to a Trust accounting that is prepared according to the format rules of the Probate Code (section 1060) and filed with the court to court approval.

How do you pass a BC account?

Passing of accounts can take place in one of three ways: A beneficiary can force the passing of accounts by obtaining a Court order, A passing of accounts is legally required under certain circumstances, or. An estate trustee can voluntarily apply to Court for a passing of accounts.

Does an executor have to show accounting to beneficiaries in BC?

Yes. Before the executor distributes the estate, they have to give the beneficiaries a final accounting of their administration of the estate, including any fee they're charging. And the beneficiaries must agree with it for the executor to proceed.

petition for accounting

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What is a compulsory accounting?

A compulsory accounting is when an interested party, such as the beneficiary or creditor described in this article, asks the Court to order the Executor or Administrator to account so that they can get access to information concerning the assets remaining in the Estate and the timeline for payment of their claims or ...

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