In the state of ohio, does the executor have to show itemized statements or a daily accounting of financial statements to the beneficiaries?

The executor says she does not have to show itemize accounting of how she spent
the monies, CDs, etc from my mothers estate and out trust. Is this true? What does
she legally have to show me? State of ohio

Asked on May 2, 2016 under Estate Planning, Ohio

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

The executor is both wrong and right. She is right in that there are no specified materials that she must regularly provide. She is wrong in that she has a fiduciary duty to the beneficiaries, and if they believe that she is either wasting money or taking money/assets out for her own benefit or the benefit of her family, friends, business associates, etc., the beneficiaries have the right to file a legal action seeking an "accounting": i.e. requiring her to, in court, account for her actions and expenditures/payments. If a legal action is filed, she will have to provide detail and back-up as to what she has done and spent. If you want to bring such an action, speak with an attorney: this type  of action is more procedurally complex than, say, suing someone over an unpaid bill or fender bender in small claims court, and having the assistance of counsel is recommended.


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