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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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.
After the debt has been paid, the executor or administrator of the estate will ask the probate court for permission to close probate and allow him or her to distribute the remaining assets to the estate's beneficiaries.
The final account of an Ohio probate estate is required to include an itemized statement of all receipts of the administrator or executor during the accounting period, as well as accounting for all of the disbursements and distributions made by the executor or administrator during the accounting period.
All beneficiaries do not need to formally approve estate accounts; however, it is best practice for the Executor(s) and main beneficiaries to sign the estate accounts to show a legal agreement across all parties. Nevertheless, the beneficiaries are entitled to receive a copy of them and review the information.
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.
If the executor or administrator distributes any part of the assets of the estate within three months after the death of the decedent, the executor or administrator shall be personally liable only to those claimants who present their claims within that three-month period.
(A) An administrator or executor shall render an account at any time other than a time otherwise mentioned in this section upon an order of the probate court issued for good cause shown either at its own instance or upon the motion of any person interested in the estate.
