November 20, 2019

Estate Accounts need to be kept in a specific format

FORMATTING ESTATE ACCOUNTS

Executors of estates are required to keep detailed accounting records. These records include:

• Original assets of the estate;
• All capital and revenue received by the estate;
• All capital and revenue paid out by the estate;
• All investments made on behalf of the estate;
• The current assets of the estate at any point where the executor is having the accounts approved by beneficiaries.

The Court Rules contain very specific details concerning the accounting. The format of the estate accounts is extremely complicated and most executors (and some lawyers) have trouble figuring out what the accounts should look like.

An executor should speak with an estate lawyer to get advice and guidance on setting up and maintaining the accounts.

In the case of simple estates, the beneficiaries may ultimately accept a form of accounting that does not comply with the Court Rules. If they do not, the formal accounting that has been maintained will have to be changed to comply with the Court Rules if the executor has to conduct a “Passing of Accounts” to have the accounts approved by the court.

CONTACT US

Feel free to contact us at any point for assistance or advice with respect to Estate Law, Estate Planning, Estate Administration or Estate Litigation. We may be reached at 705-435-4339 / 1-877-85LEGAL (1-877-855-3425) or contact us via email.