Estate of Kennedy

NEW YORK COUNTY
Trusts and Estates

, New York Law Journal

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Surrogate Nora Anderson

Petitioner Lorenzetti sought to compel an accounting by respondent executor, Sherry. A day before her death, decedent amended a revocable trust to ensure that petitioner and respondent each received one-half of her assets, including non-probate assets. Sherry's counsel argued that as petitioner received nearly $480,500 in non-probate assets, she would not be entitled to any distribution from the trust, basing such contention on the informal combined accounting for the estate and trust previously presented to petitioner. Petitioner insisted on a judicial accounting, and respondent argued that forcing her to file, and pay for, a judicial accounting was unwarranted. Petitioner argued she had a "right" to a judicial accounting. The court disagreed noting it could not be said that requiring Sherry to file a judicial accounting at this juncture would be in the best interests of the estate or trust. It noted respondent provided an informal accounting based on assets set forth in the estate's tax return, and petitioner did not contend that Sherry rebuffed any attempt to obtain further information or supporting documentation relating to the administration of the estate or trust. Petitioner's insistence upon a more costly judicial accounting was unwarranted, and denied.

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