The beneficiaries of a Will that has been probated and is being administered in a estate proceeding have the right to contest an accounting of the Executor of the Will and Estate.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
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There is no set format for estate accounts, however they should as a minimum detail all estate assets as they were at the date of death, all liabilities and any increases/ decreases in the value of estate assets once they have been liquidated.
An executor is often in receipt of checks in the deceased's name, in payment of amounts owed to the deceased while they were alive. An estate account makes it easy for the executor to endorse and deposit these payments.
There are several ways that you can avoid paying taxes on your executor's fee. These include keeping within an acceptable range of fees, keeping good records, asking the beneficiaries to pay upfront, claiming expenses associated with the job, and donating your fee to charity or a religious institution.
An Executor's job is to collect the assets of the estate, pay the debts of the estate, and then distribute the estate in ance with the terms of the Deceased's Will. Some Executors will engage the services of Estate and Will lawyers to do this and those costs will be paid from the estate.
When filing as an executor of estate, on the Form 1040, include only income and expense items up to the date of death. You'll also file a return for the estate on Form 1041. Include only income and expense items after the date of death.
