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Fiduciary Accounting for New York Executors and Trustees

If your attorney told you that you need a fiduciary accounting prepared, you're in the right place. I work with executors and trustees across Long Island and New York City to produce formal accountings that document exactly what happened with the estate or trust — organized the way your attorney and, when required, the Surrogate's Court expect to see.

A Fiduciary Accounting Isn't a Bank Statement

A fiduciary accounting is a formal, structured report that accounts for every asset, income item, expense, and distribution that passed through an estate or trust during the accounting period. It isn't a printout from a brokerage account or a summary you put together in a spreadsheet. It's a legal document organized into standard schedules — and in New York, it's prepared in accordance with the Estates, Powers and Trusts Law (EPTL).

 

The schedules in a formal fiduciary accounting typically cover:

 

  • Assets on hand at the start of the accounting period
  • Income received (interest, dividends, rent, and other estate or trust income)
  • Gains and losses on asset sales
  • Expenses paid, including fiduciary fees, legal fees, and administrative costs
  • Distributions made to beneficiaries
  • Assets remaining at the close of the period

 

Every dollar that came in and every dollar that went out has a place in this document. That's the point.

When Is a Formal Fiduciary Accounting Required in New York?

Not every estate or trust requires a court filing. In New York, a formal accounting submitted to Surrogate's Court is required in certain circumstances — when a beneficiary petitions for one, when the fiduciary seeks judicial settlement of the account, or when the terms of the governing instrument require it. In many other situations, an informal accounting that satisfies the beneficiaries directly is sufficient, and no court involvement is necessary.

 

What I prepare depends on your situation. If your estate attorney has told you the accounting needs to be court-ready for Surrogate's Court — whether in Nassau County, Suffolk County, or one of the five boroughs — I'll prepare it to that standard. If an informal accounting will resolve things between the parties, I can prepare that as well. The governing law in either case is the New York EPTL, and the accounting is prepared accordingly.

Your Protection as Executor or Trustee Depends on This Document

Executors and trustees carry personal liability for how an estate or trust is administered. If a beneficiary later claims that assets were mishandled, expenses were improper, or distributions weren't made correctly, the fiduciary accounting is your documented defense. It shows, line by line, that you did your job.

 

A properly prepared fiduciary accounting isn't just something you hand to an attorney or file with the court. It's the record that demonstrates you fulfilled your obligations as a fiduciary. Getting it right matters — not just for the beneficiaries, but for you.

I Work With Your Estate Attorney, Not Around Them

Most executors and trustees come to me because their attorney referred them or told them to find a CPA who handles this kind of work. That's the right sequence. I coordinate directly with your estate attorney throughout the process so the accounting I produce fits into the legal work already underway.

 

If you're an estate or family law attorney looking to refer clients for fiduciary accounting, I'm set up to handle that work efficiently. I serve clients throughout Long Island — including Nassau and Suffolk Counties — and across New York City, and I'm familiar with the expectations of Surrogate's Courts in both regions. For attorneys who refer regularly, you can learn more about how I work with counsel on the For Attorneys page.

What to Bring Me When You're Ready to Start

You don't need to have everything organized before you call. Most executors and trustees come to me with a mix of statements, records, and paperwork that hasn't been sorted yet. That's normal. Bring me what you have, and I'll tell you what else we need.

 

Useful records to gather if you have them:

 

  • Date-of-death account statements for all financial accounts
  • Brokerage statements showing holdings and transactions during the accounting period
  • Real estate records, including any appraisals obtained for the estate
  • Documentation of income received by the estate or trust
  • Receipts or records for expenses paid, including legal and fiduciary fees
  • Records of any distributions made to beneficiaries

 

If there are gaps, we'll work through them. The goal is a complete, accurate accounting — and I'll help you get there.

frequently asked questions

Helpful answers for people preparing for what’s next.

  • What's the difference between a fiduciary accounting and an estate tax return?

    They're two separate documents that serve different purposes. An estate tax return (Form ET-706 for New York, or Form 706 for federal) calculates and reports the tax owed on a taxable estate. A fiduciary accounting is a formal report of how the estate's assets, income, expenses, and distributions were handled during administration. Some estates require both; others require only one or neither.

  • Does every estate in New York need a fiduciary accounting filed with Surrogate's Court?

    No. A formal court filing is required in specific circumstances — when a beneficiary petitions for a judicial accounting, when the fiduciary seeks court approval of the account, or when the governing instrument requires it. In many cases, an informal accounting that satisfies the beneficiaries is sufficient and no court filing is needed. I prepare accountings in accordance with the New York EPTL whether or not a court submission is involved.

  • How long does it take to prepare a fiduciary accounting?

    It depends on the complexity of the estate or trust and the completeness of the records. A straightforward estate with organized records can move relatively quickly. Larger or more complex estates — those with multiple asset types, real property, business interests, or a long accounting period — take more time. Once I've reviewed what you have, I can give you a realistic timeline.

  • I'm the executor and I'm not sure I have all the records. Can you still help?

    Yes. Most executors come to me with incomplete records, and that's a normal starting point. Bring me what you have — statements, correspondence, whatever you've gathered — and I'll identify what's missing and help you figure out how to obtain it. The accounting can't be finalized without complete records, but we don't need everything in hand before we start the conversation.

  • Do you prepare fiduciary accountings for both trusts and estates?

    Yes. I prepare fiduciary accountings for executors administering decedents' estates and for trustees administering trusts, including revocable trusts that became irrevocable at death. The structure of the accounting differs depending on whether it's a trust or an estate, but the underlying requirement — a complete, accurate record of all assets, income, expenses, and distributions — is the same in both cases.