In New York state, what is involved in a formal accounting. Are formal accountings normally done when a trust ends on the death of a beneficiary? The trustee's attorney uses the term Full Accounting. Is that the same as a formal accounting?
The trustee's attorney says "a full Accounting for the trust, will be time consuming cumbersome and expensive." I am not sure what is involved in a Full accounting. I have called a fiduciary accounting firm and the firm says a formal accounting is not complicated because the firm uses software for this. There are two trusts and both are at the same brokerage and only had securities in the trusts. So, I am not sure why this is a big deal. Any suggestions.