(a) Records. A fiduciary shall keep records of the fiduciary estate and upon request of the court that has assumed jurisdiction over the fiduciary estate or any interested person, shall make the records available for inspection.(b) Annual Fiduciary Accounts.(1)Generally. When the court has appointed a guardian of the property or has assumed jurisdiction over a fiduciary estate, the fiduciary shall file each year an account in substantially the form set forth in Rule 10-708. The end of the accounting year shall be (A) the anniversary of the date upon which the court assumed jurisdiction over the estate or appointed the fiduciary, or (B) any other anniversary date fixed with the consent of the trust clerk or the court. The account shall be filed not later than 60 days after the end of the accounting year, unless the court or trust clerk extends the time for good cause shown. The fiduciary shall furnish a copy of the account to any interested person who requests it.(2)Beneficiary of the Department of Veterans Affairs. In the case of a beneficiary of the Department of Veterans Affairs, the fiduciary shall send a certified copy of the account to the Office of the Department of Veterans Affairs having jurisdiction over the area in which the court is located. Cross reference: Code, Estates and Trusts Article, § 13-804(c).
(3)When Not Required. Unless the court orders otherwise, the fiduciary of a fiduciary estate consisting entirely of cash in a restricted account under Rule 10-705(d) need not file an annual account.(4)Trust Clerk--Report and Recommendation.(A) Generally. The trust clerk shall examine each annual account, report to the court any irregularity in it, raise any other matters deemed appropriate, and make recommendations. The trust clerk may require the fiduciary to furnish proof of any transactions shown in the account.(B) Beneficiary of the Department of Veterans Affairs. In the case of a beneficiary of the Department of Veterans Affairs, the trust clerk shall endorse on the account a certificate that any securities or investments shown on the account were exhibited to the trust clerk. Cross reference: Code, Estates and Trusts Article, § 13-804(b).
(5)Court Approval. The court shall review every annual account and either enter an order approving the account or take other appropriate action.(c) Audit. When the court has appointed a guardian of the property or has assumed jurisdiction over a fiduciary estate, the fiduciary account need not be audited by a private auditor unless specifically required by the court. Upon a petition filed by the fiduciary or upon the court's own initiative, the court may order an audit pursuant to Rule 2-543. A fiduciary may have a private audit conducted for any period but, unless the court orders otherwise, the cost of that audit shall be borne by the fiduciary and not the fiduciary estate.Md. R. Guard. & Fid. 10-706
This Rule is derived in part from former Rule V74 and is in part new.
Adopted June 5, 1996, eff. 1/1/1997.HISTORICAL NOTES
Derivation:
Maryland Rule of Procedure V74, revised eff. Feb. 2, 1970, amended eff. July 1, 1974, related to inventory and accounting, rescinded June 5, 1996, eff. Jan. 1, 1997.