Tuesday, April 23, 2013

Every Move You Make

Jack took inventory of all of his mother’s assets after her death.  Then, he created an inventory report to file with the probate court listing every probate asset. 

That is just a start.  The probate procedure requires that he report almost every move he makes as executor of his mother’s will.

Jack will do this partly through an Accounting, also filed with the court.  If his mother’s estate lasts long enough, he may need to file several different accountings before closing the probate case. 

In an accounting, Jack must show all income from her assets and show in detail all amounts he spent.  Any debts and expenses, including taxes, he paid out with any of her assets and income since her death must be reported. 

Court supervised administration of a will has many formal requirements.  These more formal probate requirements can commonly be relaxed by choosing “independent administration” when the probate is opened. 

But an accounting will still be needed so the people who receive the final distributions from the estate can see why they will not simply receive an exact share of the value of every Inventory asset Jack’s mother owned as of the date of her death.  It simply will not be required to be filed in court unless someone whom receives it objects to it.

For advice about probate administration, call our office at (815) 436-1996 for an appointment. 

© 2013 Gruber Law Office, Ltd.


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