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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Probate is the court-supervised process of validating the will of a deceased person, or decedent. It involves identifying the person's final assets, paying their last debts and distributing their estate's property to the proper heirs.
The probate procedure is expensive, drawn-out, and intrusive. The costs associated with the court, legal counsel, personal representatives, bonds, and accounting all add up and can create a much bigger ordeal than expected.
When can I close the estate and distribute the assets? A final account and petition for distribution can be filed by the Personal Representative when there are sufficient funds available to pay all debts and taxes, the time for filing creditors' claims has expired, and the estate is in a condition to be closed.
Probate is the court supervised process of identifying and gathering a person's assets after their death, paying all of their debts, and distributing the balance to the rightful heirs or beneficiaries.
The liquidator gives the heirs a final report, officially called a ?final account.? This is a report by the liquidator that tells the heirs what was left in the estate after paying all amounts owed. It also explains what went on during the liquidation.
With the distribution of all assets, the executor is said to have ?closed the estate.? But, the executor still retains the power to gather newly discovered assets and address future complaints.
The probate process is a legal proceeding that serves to prove the validity of any existing will, supervise the orderly distribution of the decedent's assets to the heirs, and protect creditors by ensuring that valid debts of the estate are paid.
Probate is the legal process of administering a deceased person's estate. It involves identifying and valuing the assets, paying off any debts, and distributing the remaining assets to the beneficiaries.
