Contested Accountings and Actions Involving Breach of Fiduciary Duty

A beneficiary of an estate or trust is entitled to an accounting by the executor, administrator or trustee.  The accounting must contain a listing of all assets received, income earned, gains and losses from investments, expenses and distributions.  An accounting may fail to list all of the assets or indicate losses due to mismanagement or improper expenses.  When an executor, administrator or trustee causes inappropriate losses to an estate or trust, he/she may be surcharged for these losses and directed to reimburse the estate.

A fiduciary is a person who holds a special relationship of trust, confidence and responsibility. Executors, administrators and trustees are examples of positions that carry fiduciary responsibility. In these cases, the fiduciary is charged with the task of ensuring that the asset distribution conforms with the instructions of the testator as set forth in the will or trust. A fiduciary is not permitted to benefit from the estate/trust assets to the detriment of the beneficiaries he/she is entrusted to protect.

There are times when a beneficiary should object to the actions of the fiduciary and initiate legal action against him/her. An action can be filed if it is suspected that a fiduciary has acted inappropriately in the administration of an estate or trust. Grounds for such a lawsuit include:

• Removal of property from an estate without approval
• Transfer of assets from an estate to the fiduciary during the process of administering the estate (self dealing)
• Financial negligence in handling assets during the process of estate administration including failure to properly invest and account for those assets
• Failure to conclude the administration process in a timely manner
• Failure to provide necessary information to beneficiaries and other interested parties
• Failure to correctly execute the instructions delineated in the will and/or trust  

When a fiduciary's negligence or fraud results in financial loss to an estate or trust, a judgment can be imposed by the court against the fiduciary.

With 30 years of experience, Donald Novick and his team understands the emotional and financial complexities involved in litigating an estate. Our team has successfully represented clients in claims involving the validity of a will or trust, the administration of trusts and estates and the breach of fiduciary obligations. While our first priority is to guide parties to a practical and amicable solution thereby avoiding complications and needless confrontation, we will fiercely litigate on behalf of our clients when necessary. We understand tremendous frustration can arise when a person entrusted with fiduciary responsibilities abuses the assets of an estate or when a beneficiary is denied his/her rightful inheritance as a result of such abuse.

We have successfully litigated contested accounting matters in all of the Surrogate's Courts in the New York metropolitan area including, Manhattan, Brooklyn, Queens, Bronx, and Staten Island as well as Nassau, Suffolk, Westchester, Putnam, Dutchess, Rockland, Orange and Sullivan Counties.

If you suspect that an estate or trust should be the subject of a contested accounting action, or you have not received the inheritance you believe you rightfully deserve, please contact Novick & Associates at 1 (877) N O V I C K 1 (668-4251) or click here for an immediate e-mail inquiry.

Contact our attorneys today!