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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When calculating the value of an estate, the gross value is the sum of all asset values, and the net value is the gross value minus any debts: in other words, the actual worth of the estate.
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.
Final expenses. Funeral, burial, cremation or interment costs can be considered part of estate expenses, though these may not be covered by estate assets. Instead, they may be paid out of the death benefit associated with the deceased person's life insurance policy.
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.
A Final Account is a complete record detailing the assets, receipts, and disbursements made during a probate administration.
