Being appointed as an executor after the death of a loved one or friend is both an honor and a solemn duty. Carrying out such duties can also be challenging and stressful, especially if the appointee in question is not familiar with state probate and estate administration laws. It is a good idea to seek clarification of such laws ahead of time to avoid confusion or legal problems when the time comes to gather and distribute assets.
What does it mean when an executor accounts for an estate?
The basic duties of an executor or personal representative of an estate is to identify, gather and distribute the decedent’s assets. Both the probate court and all beneficiaries are entitled to an accounting of the executor’s actions. This means that he or she will show receipts for any debt that has been satisfied with funds from the estate. It would also include showing information regarding property or real estate sales.
Who signs off on an estate accounting?
There is a difference between a formal and informal accounting. If formal, a probate judge must sign off on an executor’s accounting. This is not always the case in an informal accounting, however, although sometimes beneficiaries must sign, instead. After a certain amount of time, if no one has contested the accounting, it is approved and accepted.
Accountings are proof that executors have done their job
An accounting provides written proof that the person appointed to execute a decedent’s estate has carried out his or her duties in accordance with probate and estate administration laws. A Colorado estate law attorney can provide support to anyone who has been appointed as an executor who has questions about the position. Such an attorney can also provide support in the event that a beneficiary challenges an accounting.