Aside from the fact that a trustee or guardian has a duty to the beneficiary to account for his or her money, accounting also protects the trustee or guardian. Once an account becomes final due to court approval or the passage of time without objection by the beneficiary, no one can come back and sue the trustee for mishandling the funds that were accounted for, so long as the account was not fraudulent. If the trustee doesn’t file an account, he or she doesn’t get that important peace of mind. So the accounting requirement is good for everyone.
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