Probate accounting · Sherman Oaks

Sherman Oaks Probate Accounting

California probate accountings organize an executor’s or administrator’s financial administration of an estate into a form that beneficiaries, interested persons and—when court approval is requested—the probate court can review.

What a probate accounting should help explain

• What property the fiduciary was responsible for.
• What money or property came into the estate during administration.
• What expenses, debts, taxes and administration costs were paid.
• Whether assets were sold and whether gains or losses occurred.
• What distributions were made to heirs or beneficiaries.
• What property remains for final distribution.

Probate accounting problems we commonly see

Questions often arise from missing bank records, unclear descriptions, transfers without explanation, mismatched starting values, omitted sale proceeds, expenses that appear personal, distributions that do not reconcile, or a property-on-hand schedule that does not match the summary.

Waiver of account

California permits an accounting to be waived in qualifying circumstances, but a waiver does not eliminate every reporting obligation. California Rule of Court 7.550 describes information that may still be required when an account is waived.

Official source: California Rule of Court 7.550.

Preparing for review

A useful starting set of records can include the Inventory and Appraisal, bank and brokerage statements, escrow and sale documents, receipts, invoices, tax information, beneficiary distributions, fiduciary-fee information and prior court orders.