Accounting sent for approval from Beneficiary

[trust_id_09]

What is the name of your state (only U.S. law)? NY

I emailed an accounting to a rather difficult beneficiary it has been three weeks now. Via email you might ask? This beneficiary lives in a foreigh country and does not want to provide me a physical address. I am the trustee and a beneficiary as well. We are related but I don't know him at all. Therefore, I requested 2 government issued Ids (photo id w/ address verification) from that country. He refused to provide w/ any. Note taht, I will be wiring a large sum of money to this guy, I don't want to be held liable in any way; should that money not reach its intended recipient.

In lieu of what I asked, he sent me 2 kakamimi docs: birth certificate and a notorized statement by 2 bozos perhaps his cronies to acknowledge that they know him and such...

Clearly, what I requested is what is needed to open a bank account in that country I confirmed that fact.

I ignored him altogether. And feeling the pressure, he had an ambulance chaser attorney call my house stating he represents him. I told the guy not to call my house unless I am being sued and it should be done in writing.
What are my rights here?

The alternative, according to a lawyer would be to file a petition to the Surrogate court to have my accounting approved.

It is something I would like to avoid at all costs.

Any input will be greatly appreciated.

Thanks!

What is the name of your state (only U.S. law)? NY

 

[Dandy Don]

You do not need a beneficiary's approval for any accounting you send. If you were smart enough to have it reviewed by a CPA or accountant who has experience with estates ti make sure it is technically correct and accurate, that should be enough to protect you. Who even told you that you were required to send it to him? Since you already know he is a difficult beneficiary, you need to stop caring about what HIS opinion is about how you have managed estate affairs. He is going to find something to nitpick about no matter what you do.

You were a bit out of line in asking his attorney not to contact you unless you were being sued. This is an excellent opportunity for this attorney (get this attorney's e-mail address and business address) to act as an intermediary, and you should be asking this attorney to REMIND his client that you have asked for identification that he needs to be providing or else there could be a delay in him receiving his funds. That can be an EXCELLENT motivation for him to respond.

Have you verified the wire transfer information to know what insitution you will be sending money to? Weighed the alternatives as to whether you should be sending an actual check as opposed to a wire transfer? Do not send him any money until you have received the required documentation and have also established his exact address and location (maybe by even hiring a private investigator in the city/country where the man lives, to confirm that the information you have been given is correct).

DANDY DON IN OKLAHOMA ([email protected])

 

[trust_id_09]

Accounting sent for approval

You do not need a beneficiary's approval for any accounting you send. If you were smart enough to have it reviewed by a CPA or accountant who has experience with estates ti make sure it is technically correct and accurate, that should be enough to protect you. Who even told you that you were required to send it to him? Since you already know he is a difficult beneficiary, you need to stop caring about what HIS opinion is about how you have managed estate affairs. He is going to find something to nitpick about no matter what you do.

You were a bit out of line in asking his attorney not to contact you unless you were being sued. This is an excellent opportunity for this attorney (get this attorney's e-mail address and business address) to act as an intermediary, and you should be asking this attorney to REMIND his client that you have asked for identification that he needs to be providing or else there could be a delay in him receiving his funds. That can be an EXCELLENT motivation for him to respond.

Have you verified the wire transfer information to know what insitution you will be sending money to? Weighed the alternatives as to whether you should be sending an actual check as opposed to a wire transfer? Do not send him any money until you have received the required documentation and have also established his exact address and location (maybe by even hiring a private investigator in the city/country where the man lives, to confirm that the information you have been given is correct).

DANDY DON IN OKLAHOMA ([email protected])

Thanks a million for all your valuable insight.

The settlor's former attorney told me I should send an accounting since I don't know these people to show them what the assests were. I was asked verbally by a couple of them already. So, to make things formal, I did officially send it. Also, the trust stated that an annual accounting is a prudent way to keep beneficiaries informed of fiscal facts...

My dear friend is a CPA and reviewed a last draft of the accounting since I have to show some recent stocks sale as of late. I will send it and make the adjustments asap.

Point well taken about his supposed attorney. He pulled this stunt before as a scare tactic. Not that I was scared. So I don't take him seriously anymore. The last time, I politely called the attorney and he had me mistaken for the person who came to his office on behalf on this jerk. I played along and cought him in a lie by asking him how do I know he was actually hired by the subject? Therefore, I have no respect for him nor his supposed client. But Thanks anyway.

The most important suggestion you gave was to think of depositing a check instead of wire xfer. Brilliant! That way, I will carry more leverage along w/ the bank's cooperation ensuring the right person is indeed get the money.
I was thinking to even compare notes on the docs he will hopefully send me. I don't think it is going to happen though!

I am actually covertly working on the private I thing.

Thanks a lot Dandy Don!