THE ROLE OF FIDUCIARY ACCOUNTANTS IN ESTATE ADMINISTRATION
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THE ROLE OF FIDUCIARY ACCOUNTANTS IN ESTATE ADMINISTRATION
This study aims to (1) explore the responsibilities of fiduciary accountants in estate administration, (2) assess the effectiveness of their practices in ensuring compliance and accuracy, and (3) identify the challenges faced during estate administration. A survey research design was employed to collect detailed insights from fiduciary accountants due to its capacity to gather extensive data from numerous professionals. Using Taro Yamane's formula, a sample size of 120 fiduciary accountants was calculated from an estimated population of 200 in Lagos, ensuring statistical reliability. A leading estate administration firm in Lagos was chosen as the case study to provide specific context and relevance. The survey instrument’s reliability coefficient score was 0.89, indicating high reliability. Findings revealed that fiduciary accountants play a crucial role in managing and settling estates, ensuring legal compliance and financial accuracy. However, they face challenges such as navigating complex legal requirements and dealing with beneficiaries' disputes. The study recommends continuous professional education and the adoption of advanced estate management software to enhance the effectiveness of fiduciary accountants in estate administration.
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