Final Account Estate Template With Trustee
Description
How to fill out Contest Of Final Account And Proposed Distributions In A Probate Estate?
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FAQ
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.
In order for the beneficiary to hold the trustee accountable, the beneficiary must have information about what the trustee is required to do and what the trustee actually does. Thus, the trustee has a duty to account and to inform.
A Final Account is a complete record detailing the assets, receipts, and disbursements made during a probate administration.
A statement of the assets and liabilities of the trust as of the end of the last complete fiscal year of the trust or as of the end of the period covered by the accounting.
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.