Acting as a fiduciary isn’t easy. A fiduciary owes many duties to the beneficiaries, and a breach of a duty can result in liability. This includes the duty to account. Sometimes an accounting is required by the governing instrument or by state statute, ordered by a court or prepared in connection with litigation. Other times, an accounting might be needed because a beneficiary requests it. A fiduciary may decide to produce an accounting to assist with the administration of the trust or estate
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