Fiduciary Accountings

Paley & Prehn, PLC

When someone passes away, another person is often legally responsible for handling their affairs. That person is called a fiduciary—someone who manages property for the benefit of others. Depending on the circumstances, the fiduciary may be:

• A trustee, managing assets held in a trust for the beneficiaries named in it.
• An executor, appointed under a will to settle the estate through probate.
• An administrator, appointed by the court to handle the estate if there is no will.

No matter the title, fiduciaries all share one thing in common: a duty of transparency. California law requires them to keep detailed records and, in many situations, to provide formal accountings to the court or to beneficiaries. Even when not strictly required, a well-prepared fiduciary accounting can build trust, prevent disputes, and protect the fiduciary from liability.

At Paley & Prehn, PLC, we prepare fiduciary accountings that meet court requirements and beneficiary expectations. Our accountings clearly show principal versus income, receipts and disbursements, gains and losses, and distributions—providing a complete picture of how the estate or trust has been managed.

Types of Fiduciary Accounting

We assist clients with:

• Court-Approved Accountings – Formal, detailed accountings required in probate and trust administration proceedings.

• Informal Beneficiary Reports – Streamlined accountings provided to beneficiaries outside of court to maintain transparency and reduce conflict.

• Forensic or Reconstructive Accountings – When records have not been kept for years, or when disputes arise, we reconstruct historical financial activity, trace assets, and prepare reports that are clear, accurate, and defensible in estate and trust litigation.

Fiduciary Accountings in Estate Litigation

In contested estates and trusts, accountings often become the centerpiece of the dispute. Beneficiaries may allege mismanagement, self-dealing, or breach of fiduciary duty. We prepare and review accountings with an eye toward litigation, presenting them in a way that is clear to the court and persuasive in resolving disputes. Whether we represent fiduciaries defending their actions or beneficiaries demanding clarity, we bring both legal and financial precision to the process. [Learn more about our estate litigation services »]

Why Clients Choose Paley & Prehn

At Paley & Prehn, PLC, we understand that fiduciary accountings are more than financial reports—they are the foundation of trust between fiduciaries and beneficiaries. We combine attention to detail with a clear, approachable presentation, so both courts and families can see the record with confidence.

If you are serving as a trustee or executor and need help preparing or defending fiduciary accountings—or if you are a beneficiary seeking clarity—contact Paley & Prehn, PLC. We will ensure the record is accurate, compliant, and complete, whether for routine administration or in the midst of litigation.