Am I entitled to ask the (POA) or representative of the estate to produce financial records of the estate she has overseen?

Asked almost 2 years ago - Saint Petersburg, FL

I am one of 5 named in a trust and would like to see all financial records (earnings credited and debits) since the POA has been handling the estate. She said she doesn't have to produce them or give any information to the others on the trust. Do I have a legal right to see them, if so, how do I go about asking for them? This is in the state of Michigan.

Attorney answers (3)

  1. Carol Anne Johnson

    Contributor Level 18

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    Answered . You should ask this question of a MI attorney, but as far as Florida Trust Code goes, the Trustee has a fiduciary duty to give an annual accounting of the trust to the beneficiaries. If you believe that the Trustee is not performing their duties correctly, you should seek the advice of a MI trusts and estates attorney who can review your concerns. From a brief look at the recently enacted (2009) Michigan Trust Code, it appears that your Trustee is not complying with their statutory duties. Take a look at (google) MCL Section 700.7814, which describes the duty of the Trustee to keep qualified beneficiaries informed as to the administration of the trust. There are also remedies that can be pursued if the Trustee is in violation of their duties to the Trust and the beneficiaries. If you think that is happening, seek the advice of a MI trusts attorney right away. Silence may be assumed to be consent.

    Carol Johnson Law Firm, P.A. : (727) 647-6645 : carol@caroljohnsonlaw.com : Wills, Trusts, Real Property, Probate,... more
  2. Jacqueline Augusto

    Contributor Level 6

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    Answered . I agree with the previous poster who suggested you meet with a trust and estates attorney in Michigan. If the trust were governed by florida law, the trust code provides certain procedures to prevent this situation from happening. You also need to clarify how you are named in the trust. Are you a qualified beneficiary? You should definitely consult with an attorney in Michigan who can guide you.

  3. James P. Frederick

    Contributor Level 20

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    Answered . While I agree with my colleagues with regard to a trust, I do not believe this is what the Asker wanted to know. It appears from my reading of the facts that Asker wants to know if the agent under the POA can be forced to account to the beneficiaries of the Trust for management prior to the death of the trust grantor.

    Michigan's POA Statute is even newer than its Trust Code, having just gone into effect October 1, of this year. The new statute requires the agent to maintain records of all actions as agent and to provide them, upon order of a court. Depending on the terms of the POA, the agent may have more duties, but on the face of things, I do not believe the agent would owe a duty to provide this information to the beneficiaries of the trust, absent a court order. Having said that, failure to do so might be an implicit suggestion that something was done improperly. If I were acting as agent, I do not think I would have a problem turning this information over.

    James Frederick

    *** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and... more

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