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Until the 30-day period reserved for objections has not passed and the final accounting is accepted by all the parties involved, the estate will not be closed. A Waiver of Accounting is a document that allows both the personal representative and the beneficiaries to circumvent this impediment.
If a beneficiary requests access to financial institution statements and the executor refuses to provide them, the beneficiary can take legal action. They can follow the court for an order compelling the executor to reveal the requested information.
A waiver of accounting is a voluntary waiver by all heirs and beneficiaries that eliminates a very time-consuming and expensive accounting process by the Personal Representative. In order for a probate estate to be closed, the court requires the filing of a petition for final distribution.
Under Pennsylvania law, executors have a duty to provide an accounting to beneficiaries. An accounting is a detailed report that outlines the assets, liabilities, income, and expenses associated with the estate, as well as the executor's actions in managing and distributing the estate.
All beneficiaries do not need to formally approve estate accounts; however, it is best practice for the Executor(s) and main beneficiaries to sign the estate accounts to show a legal agreement across all parties. Nevertheless, the beneficiaries are entitled to receive a copy of them and review the information.