Jack, as personal representative (executor) under his mother’s Will, submitted an inventory to the court after he tracked down all his mother’s assets.  Over the last several months, he has worked at liquidating and investing those assets according to the prudent investor rule. 

He has also gathered information about and paid his mother’s debts as well as the expenses of administering her estate.  With all that work, he has accumulated quite a number of documents and records.  The probate court really doesn’t want to see them all.

What the court wants is a detailed summary of his work before he distributes each heir’s inheritance.  He makes that summary through a formal report called an Accounting.

In the Accounting, he begins by specifying each asset listed in his Inventory and reports any income received on it, including the proceeds of selling it, or its value if he has chosen not to sell it.

There are some ways to avoid probate or eliminate some of its requirements for your own estate.  For advice your estate planning options to reduce or eliminate probate requirements, call our office at (815) 436-1996 for an appointment.  © 2013 Gruber Law Office, Ltd.