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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A Final Account is a complete record detailing the assets, receipts, and disbursements made during a probate administration.
Final accounts can be calculated as follows: Make a list of trial balance items and adjustments. Record debit items on expense side of P and L account or assets side in balance sheet. Record credit items on the income side of trading P and L account or liabilities side of balance sheet.
Hence, Calculation of Profit and Loss Account would be: Add up all revenue earned over the accounting period. Add up all expenditures made throughout the accounting period. Subtract total expenses from total revenue to find the difference.
An Executor or Administrator has a statutory duty to produce a final Estate Account which can be enforced by the Court. This account will illustrate what money has come in and out of the Estate, listing all assets, liabilities (debts), administration expenses and the final amount to be distributed to the Beneficiaries.
Like many people, you may not have considered this before and so may be left wondering what your 'estate' actually consists of and how you are supposed to put a value on it. To find out how much your estate is worth you need to calculate the value of your assets, then minus your liabilities.
