Clients often ask how long before he or she can compel an accounting from a fiduciary. NJ has statutes and case law that answers this question.
Executor’s Accounting
One year is the statutory minimum before an executor’s accounting can be compelled, absent exceptional circumstances justifying an opportunity to compel the accounting. The one-year date starts from appointment (date stamped on the letters testamentary), not the date of death or date of probate.
Power of Attorney (POA) Accounting
The POA bookkeeping and accounting regulation is found under N.J.S.A. 46:2B-8.13 which does not provide an explicit timeframe/waiting period. The language is simply “upon application of any heir or next friend of the principal…” so if there are doubts, then go ahead and file when the time seems right.
If there are concerns about financial matters (pre-death) and post-death, you can file as soon as it makes sense.
If you are looking for additional details on this topic or if you require advice about your situation, please contact Fredrick P. Niemann, Esq. toll-free at (855) 376-5291 or email him at fniemann@hnlawfirm.com. Please ask us about our video conferencing or telephone consultations if you are unable to come to our office.
By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold Township, Monmouth County, NJ Estate Administration Attorney