Jenkins & Rauch: Indiana Court of Appeals Opinion Reminds Trustees to Be Transparent and Careful in Accountings

The Indiana Court of Appeals opinion in Montgomery v. Estate of Montgomery reminds trustees of the importance of being transparent and careful in accordance with statutory requirements when preparing trust and estate accountings. The Indiana Court of Appeals analysis set forth a variety of statutory obligations for trustees and estate personal representatives when preparing an accounting and reversed the trial court’s order, holding “[a] final distribution consistent with the Settlement Agreement should be verified and effected before the proceedings are closed.” The Court’s decision stresses the fact that those acting as a trustee or personal representative of an estate owe a fiduciary duty to the beneficiaries and could be exposed to personal liability for misdeeds or deficiencies.

To download full article, click Indiana Court of Appeals Opinion Reminds Trustees to Be Transparent and Careful in Accountings.

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