This page contains a sample Waiver of Accounting Form for use by executors and trustees in estate or trust administration. When it is permissible to obtain a waiver of the beneficiary's right to an accounting based on state laws and the provisions of the will or trust, this type of form may be used. A valid waiver may allow a fiduciary to avoid the requirement to account to the party that signs the waiver.
If you are an executor or trustee and will not be providing an accounting to the beneficiaries, settlors or other parties with an interest in the estate or trust, you may need to have a waiver of accounting, consent or release form executed by anyone with a right to receive an accounting. Please read the instructions below before using this form.
Waiver of Accounting Form Instructions
Please read these instructions carefully before using the Waiver of Accounting form below.a. Before requesting that a waiver be signed, consult a lawyer about the requirements for rendering an account based on the provisions of the will or trust and applicable state laws. For an overview of the requirements to provide an accounting to beneficiaries, review our section on Trust Accounting.b. For a Waiver of Accounting to be binding, the person signing it must meet certain legal requirements. This is discussed in more detail in our section on a beneficiary's right to information about trust. For example, if the beneficiary is not an adult, the waiver would typically need to be executed by the minor's guardian. Also, the person signing the waiver must be competent. If there is a guardian ad litem or an agent with power of attorney, contact the guardian or agent about the waiver. Before requesting a waiver, determine whether the person signing it can provide a valid waiver, consent or release.c. Before printing the form, insert the notary acknowledgement language for the county and state where the waiver will be executed. A Waiver of Accounting typically must be notarized, but may need to be witnessed in some states. This form is not state-specific. Check applicable state laws for execution requirements.d. You can customize this form by inserting the word Interim or Final in the title, depending on the type of accounting being waived. In some instances, the waiver may need to state the specific duty that is being waived. This waiver form is designed to be valid for the remaining term of the trust or estate administration. If you want the waiver to be effective for a shorter term, the language should be modified.e. In probate and trust matters that are court-supervised, executed waivers may need to be filed with the court. Some courts have their own Waiver of Accounting forms. In some jurisdictions, this form may be called a Waiver and Consent.f. All waivers, consents, and releases used by an executor or trustee should be prepared by a licensed attorney familiar with the laws of the state governing the trust or estate. Trustees may also be interested in using a Trust Beneficiary Release.This Waiver of Accounting form is intended as an example only to provide an overview of how such waivers may be used in settling an estate or trust. Do not rely on pre-printed forms to prepare legally binding documents. Have all legal documents for your estate or trust reviewed by a lawyer before they are signed or filed with the court.
Forms for Estate and Trust Administration
Pennyborn.com is an estate planning website that posts many forms for use in processes such as probate, settling estates, and trust administration. If you are the executor, personal representative or administrator of an estate, refer to our list of Executors Estate Forms, including our Executor Checklist.If you made a trust as part of your estate plan or are serving as trustee to manage or close a trust, review our list of Forms for Trustees and our free Trust Administration Guide.The Waiver of Accounting Form was published by Pennyborn.com on October 6, 2018. Updated January 14, 2021.
Waiver of Accounting Form Template
WAIVER OF ACCOUNTINGIn the County Court of Insert County of the State of Insert StateInsert full name of the trust or estate. Example: In the Estate of John RobertsCase No.: Insert case number if applicableI, insert full legal name of the party waiving the accounting, do hereby waive my right to an accounting and a report in the above-entitled matter, as evidenced by my signature below. I have read this waiver form, understand it, and had the opportunity to consult an attorney about this waiver before signing it.Insert typed name of the party signing the waiver/Signature line and Date lineName: printedAddress: printedSTATE of insert stateCOUNTY of insert countyInsert here the notary acknowledgement language for the applicable state. Example: This Waiver of Accounting was acknowledged before me on this 3rd day of January, 2021 by Eleanor Roberts.Allow enough space for the notarial seal and signature of the Notary Public.END OF FORMCopyright 2021 Pennyborn.com. ALL RIGHTS RESERVED.This form may not be copied, reprinted, displayed, published, broadcast, excerpted, referenced, quoted, linked to or used in any way without a written license agreement from the copyright owner.
Waiver of Accounting Form Attachments
The following items are commonly included with a Waiver of Accounting: 1. A cover letter explaining why you are requesting this Waiver of Accounting form be signed, instructions on how the form should be executed, the date by which the executed form should be returned, and the mailing address where the executed Waiver of Accounting form should be sent. Indicate how many originals should be executed. If you will be providing a report or other information about the estate or trust to the person signing the waiver in a way other than an accounting, you may want to include a statement about that in the cover letter. The cover letter should also explain that the person signing the waiver has an opportunity to obtain legal advice before signing. You may also wish to review our form Estate Distribution Letter template.2. A self-addressed, stamped envelope for mailing the executed form back to you.Consult an estate lawyer about the items you should include with this form.
Key Points About Waiver of Accounting Forms
Executors and trustees should be aware that the requirement or duty to provide an accounting varies based on several factors. State statutes applicable to the estate or trust should be reviewed to determine whether an accounting must be provided or filed. The requirements for the accounting, including the type of accounting and what must be included, are typically set forth in state statutes. To find state probate and trust codes for your state, refer to the Pennyborn.com List of State Laws.In addition to state law, executors and trustees should review the will, trust, and any related documents. Testamentary or trust documents may contain provisions on the duty to provide an accounting that are different from state law. In some states, the testator or settlor may eliminate the duty to provide an accounting.If the estate is subject to probate or the trust administration is court-supervised, the requirements for an accounting and having the accounting waived may be different than when settling an estate or trust without judicial oversight. Consult an attorney to ensure you use a Waiver of Accounting form that contains the necessary language to accomplish the objectives of obtaining a waiver. Your attorney can ensure you use a waiver that complies with governing law.In the United States, the Uniform Trust Code and many state laws provide that a beneficiary may withdraw a waiver. The executor or trustee may be required to provide accountings in the future after such waiver is withdrawn.The signing of a waiver does not mean the executor or trustee can avoid responsibility for something that would have been disclosed in an accounting. After the form is signed, executors and trustees still need to fulfill all other fiduciary duties. If there are indications that a breach or misconduct has occurred, a court may order an accounting irrespective of the waiver. Executors and trustees should maintain detailed, accurate records as a court could require an accounting, report, etc.A fiduciary should ensure the party signing the waiver has been provided full disclosure of all material facts, information, etc. prior to signing the waiver. If you do not handle the process of obtaining the waiver correctly, a court may refuse to enforce the waiver. Have your lawyer review all forms and correspondence you plan to use during the administration of an estate or trust.
INFORMATION ON THIS SITE, INCLUDING ARTICLES, ESTATE PLANNING FORMS, AND THE ESTATE PLANNING BLOG, DOES NOT CONSTITUTE LEGAL, FINANCIAL OR TAX ADVICE. Pennyborn.com is not a law firm and is not a substitute for a lawyer. Your use of this site does not create an attorney-client relationship. Information on this site is for educational purposes only and may not be accurate, complete or up to date.
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