What is Final Accounting in a Probate Case?
Updated: Nov 30, 2021
Final accounting occurs when the executor of the estate has paid all debts, any property that needed to be sold has been sold, and anything that needs to be distributed among the beneficiaries has been completed. The final accounting is to take all the transactions that have occurred since the beginning of the probate process.
In most cases, final accounting is necessary because the court will not allow an executor to distribute assets until after the final accounting is complete. However, there are some exceptions to this rule. For example, if the executor has already distributed the assets or if the heirs are no longer interested in receiving their inheritance, then they may waive their right to receive it. In addition, if the court orders the distribution of assets before the final accounting is complete, then the executor must still pay for those distributions out of his own pocket.
1. What is the purpose of a final accounting?
The purpose of a final accounting is to ensure that all debts have been paid, that the property that was owned by the decedent at the time of death has been sold, and that everything else that should be distributed to the beneficiaries has been distributed. If the executor does not perform these tasks correctly, then he could lose money. This would also cause problems with paying taxes on the deceased’s income.
2. Who performs the final accounting?
A final accounting is performed by the executor of the estate. They are responsible for making sure that all the proper documents are filed with the court and that all the required payments have been made. They are also responsible for distributing any remaining funds to the beneficiaries.
3. How long does it take to complete a final accounting?
It can take anywhere from 30 days to several months depending on how complicated your case is. It depends on the size of your estate and how many people you need to account for.
Here at Independent Legal Solutions, we will be with you and help you through all of the probate process, which includes the final accounting. If you would like to hear more about this or need advice from an expert paralegal, give us a call at 909-451-9819 or send us a message.