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jb156200
jb156200, Attorney
Category: Estate Law
Satisfied Customers: 149
Experience:  I am a Probate Attorney practicing in Tampa, Florida.
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I am a named legatee in a trust however the family has not

Customer Question

HI I am a named legatee in a trust however the family has not informed me of all the assets of the deceased . I was never given a copy of the will but I found it in the courthouse along with a listing of inventory however all is not listed the deceased left me 5% of everything he owns. He's estate is worth millions he's been dead 2 years now how can I find out about my true inheritance much has been kept from me
JA: Since estate law varies from place to place, can you tell me what state this is in?
Customer: Louisiana
JA: What documents or supporting evidence do you have?
Customer: Last will and testament
JA: Anything else you want the lawyer to know before I connect you?
Customer: I have received 3 distribution but the bulk of the assets remains in the succession
Submitted: 1 month ago.
Category: Estate Law
Expert:  jb156200 replied 1 month ago.

Good Evening. My name is ***** ***** I am licensed estate attorney. It sounds like there are two administrations being administered at the same time. The first would be the probate, which is governed by the decedent's Will. The second would be trust administration. So the first step is to recognize there are two pots of money we are looking at...(1) estate and (2) trust. Have you received an accounting of the trust or the estate? As a beneficiary you are to receive an accounting of each.

Expert:  jb156200 replied 14 days ago.

I haven't heard from you and I wanted to follow up so that I can answer your legal question.

Customer: replied 13 days ago.
Hi no I haven't received an accounting
Expert:  jb156200 replied 13 days ago.

Ok. As part of the administration, the succession representative must file an inventory of the assets of the estate. Louisiana law allows for a Sworn Detailed Descriptive List of the assets of the decedent to be filed in lieu of the inventory. This document must identify and list the assets owned by the decedent and the fair market value of each item on the date of death. As a practical matter, the Sworn Detailed Descriptive List is almost always used in lieu of an inventory.

The succession administrator is required to file an annual accounting with the court. This accounting is similar to a balanced checkbook ledger. It starts with the beginning balance for the period and includes all debits and credits to arrive at the closing balance. Copies of the accounting is then provided to the heirs or legatees of the estate, along with a notice that it can be approved by the court if no objection is made within 10 days. If no objection is made, the court can approve the accounting.

Expert:  jb156200 replied 13 days ago.

That is in regards ***** ***** estate. Remember that is pot number 1.

Expert:  jb156200 replied 13 days ago.

Pot number 2 is the trust.

2011 Louisiana Laws
Revised Statutes
TITLE 9 — Civil code-ancillaries
RS 9:2088 — Accounting

That is the statute that governs trust accountings.

Expert:  jb156200 replied 13 days ago.

§2088. Accounting

A. A trustee is under a duty to a beneficiary to keep and render clear and accurate accounts of the administration of the trust. If the trust is revocable, the trustee has a duty to account to the settlor only.

B. A trustee shall render to a beneficiary or his legal representative at least once a year a clear and accurate account covering his administration for the preceding year. His first annual account shall relate to the calendar year during which he became responsible for the trust property, or, at his option, the first accounting period of not more than twelve months and shall be rendered within ninety days after the expiration of that calendar year or accounting period. Each annual account shall show in detail all receipts and disbursements of cash and all receipts and deliveries of other trust property during the year, and shall set forth a list of all items of trust property at the end of the year.

C. A trustee upon the termination, revocation, or rescission of the trust, or upon his resignation or removal, shall render to a beneficiary or his legal representative his final account covering the period elapsed since his most recent annual account (or, should the trust have terminated, or have been revoked or rescinded, during the first year, the period elapsed since he became responsible for the trust property), and setting forth the same information required for annual accounts.

D. A written approval by a beneficiary or his legal representative of an account rendered by a trustee shall be conclusive against the beneficiary with respect to all matters disclosed in the account. If a beneficiary or his legal representative fail or refuse to approve in writing an account rendered by a trustee, a trustee may apply to the proper court for an approval contradictorily with a beneficiary. An approval obtained from the proper court is conclusive against a beneficiary with respect to all matters disclosed in the account so approved.

E. A trustee shall not be under a duty, to file his accounts with the court unless he is expressly required to do so by the trust instrument or by the proper court.

Expert:  jb156200 replied 13 days ago.

I want you to have a copy of the statute. You should write a letter to the trustee, citing the statute, and enclose a copy of it, demanding an accounting of all assets of the trust. Send that letter certified so that you have written proof the trustee received your notice of requesting an accounting.

Expert:  jb156200 replied 8 days ago.

I haven't heard back from you and I wanted to follow up. Is there anything else I can help you with? Please do not forget to rate my answer. There is no additional charge! Thank you!

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