What are the two main stages of fiduciary accounting in Surrogate's Court practice?

• A. Interim report and closing report.
• B. Estimation and final tally.
• C. Interim statements and distribution schedule.
• D. Preliminary account and final account.

Answer: (D)

Fiduciary accounting in Surrogate's Court practice follows a two-stage path: a preliminary account and a final account. The preliminary account is the first report, detailing all receipts and disbursements to date, showing what assets remain and how the fiduciary has managed the estate or trust since appointment. It is served on interested parties and can be subject to objections before any distributions are made, giving beneficiaries a chance to review the fiduciary’s conduct up to that point. The final account comes later and covers the entire administration, listing every receipt and disbursement for the life of the trust or estate, detailing final distributions to beneficiaries, handling debts and taxes, and closing the fiduciary’s duties. Once the final account is approved, the fiduciary is discharged and the bond (if any) is released. This two-step structure provides a complete, court-approved record of the fiduciary’s administration, from initial reporting to final closing, which is why it is the standard framework.