Do executors have to prepare estate accounts?

All executors are required to keep accurate and detailed accounts setting out the assets that form part of the estate, details of estate debts and confirming what steps have been taken with assets throughout the estate administration.

Do beneficiaries get an accounting of the estate?

Current income or principal beneficiaries (beneficiaries who are currently entitled to receive assets) are entitled to an accounting under the California Probate Code. Remainder beneficiaries can go to court and ask the court to exercise its discretion and order an accounting.

What legal responsibilities does an executor of a will have?

The tasks most associated with being an executor include: • registering the death • getting copies of the will • arranging the funeral • taking responsibility for property and post • valuing the estate • sorting out finances • dealing with any assets • paying any Inheritance Tax • applying for probate • distributing …

Is executor required to provide accounting to beneficiaries?

Before distributing assets to beneficiaries, the executor must pay valid debts and expenses, subject to any exclusions provided under state probate laws. The executor must maintain receipts and related documents and provide a detailed accounting to estate beneficiaries.

What are the legal responsibilities of an executor of a will?

An executor typically offers the will for probate, takes action to protect the assets of the estate, makes distributions of property to beneficiaries and pays the debts and taxes of the estate. It is also the executor’s job to locate, manage and disburse the assets of the estate.

What is an estate final accounting?

The final accounting is a form filed with the court that summarizes the financial changes since the initial inventory. Complete and accurate probate accounting is essential for avoiding challenges by beneficiaries, and for obtaining a final discharge of your responsibility as the estate’s personal representative.

What if trustee does not provide accounting?

If the trustee refuses to give an accounting, a beneficiary can sue the trustee through a petition to compel accounting. The court orders the trustee to file his accounting within 60 days. If the trustee fails to do this, your lawyer will file a petition for contempt for violating the court order.