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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They can also choose to see bank statements to verify that the executor is gratifying their duties and appearing in the fine activity of the estate. In general, beneficiaries do have the proper to request data about the estate, inclusive of financial institution statements.
Once all the estate is distributed you can prepare the final estate accounts. These should be approved and signed by you and the main beneficiaries.
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 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.
First and foremost, there are a number of asset types that typically do not pass through probate. This includes life insurance policies, bank accounts, and investment or retirement accounts that require you to name a beneficiary.
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.
After your death, the beneficiary has a right to collect any money remaining in your account. They need to go to the bank with proper identification. They must also bring a certified copy of the death certificate.
As a beneficiary, you are entitled to review the trust's records including bank statements, the checking account ledger, receipts, invoices, etc. Before the trust administration is complete, it is recommended you request and review the trust's records which support the accounting.
