VOLUNTARY ACCOUNT
Accounting for the handling of an Estate is an important part of the job of an Executor of Administrator that is often misunderstood.
The Executor or Administrator of an estate must give a detailed account of the:
assets of the estate received,
income earned by the assets of the estate,
expenses incurred in administering the estate,
debts paid on behalf of the decedent or the estate,
payment of claims against the estate,
loss/decrease of assets of the estate,
distributions made to beneficiaries/distributees
and other actions taken by the Executor or Administrator in settling the affairs of the estate.
As Executor or Administrator, you have the option of preparing an Informal Accounting (not filed with the Surrogate's Court) and submitting that document with a Receipt and Release to the distributees or Residuary Beneficiaries of the estate.
An Executor or Administrator can voluntarily present this information to the Court or can be compelled to provide a formal accounting of his/her handling of the Estate. See SCPA 2208 and SCPA 2206.
An Executor or Administrator can be compelled by Surrogate's Court Order to file an Accounting as early as seven (7) months after Letters of Administration or Letters Testamentary were issued by the Court. See SCPA 2205. The failure to Account can result in an Order of Contempt of Court, Suspension, Revocation of Letters (removal) or even a Surcharge.
Schedule a free 15 Minute Executor/Administrator Accounting Telephone Strategy Session to
- Learn what to do when beneficiaries are demanding distributions before all assets are collected
- How to prepare your Accounting of the Estate's assets & expenses
- Speak with an experienced attorney to explain the Accounting Process
Accounting for the handling of an Estate is an important part of the job of an Executor of Administrator that is often misunderstood.
The Executor or Administrator of an estate must give a detailed account of the:
assets of the estate received,
income earned by the assets of the estate,
expenses incurred in administering the estate,
debts paid on behalf of the decedent or the estate,
payment of claims against the estate,
loss/decrease of assets of the estate,
distributions made to beneficiaries/distributees
and other actions taken by the Executor or Administrator in settling the affairs of the estate.
As Executor or Administrator, you have the option of preparing an Informal Accounting (not filed with the Surrogate's Court) and submitting that document with a Receipt and Release to the distributees or Residuary Beneficiaries of the estate.
An Executor or Administrator can voluntarily present this information to the Court or can be compelled to provide a formal accounting of his/her handling of the Estate. See SCPA 2208 and SCPA 2206.
An Executor or Administrator can be compelled by Surrogate's Court Order to file an Accounting as early as seven (7) months after Letters of Administration or Letters Testamentary were issued by the Court. See SCPA 2205. The failure to Account can result in an Order of Contempt of Court, Suspension, Revocation of Letters (removal) or even a Surcharge.
Schedule a free 15 Minute Executor/Administrator Accounting Telephone Strategy Session to
- Learn what to do when beneficiaries are demanding distributions before all assets are collected
- How to prepare your Accounting of the Estate's assets & expenses
- Speak with an experienced attorney to explain the Accounting Process
Disclaimer: These codes may not be the most recent version. I make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to any other site. Please check official sources.
New York
Surrogate's Court Procedures Act
§ 2211 Voluntary Account; Proceedings thereupon
1. On the return of process issued as prescribed in the preceding section the court must take the account, hear the proofs of the parties respecting it and make such order or decree as justice shall require.
2. The fiduciary may be examined under oath by any party to the proceeding either before or after filing objections, if any, to the account, as to any matter relating to his or her administration of the estate. The party conducting such examination shall be entitled to all rights granted under article thirty-one of the civil practice law and rules with respect to document discovery, regardless of whether such examination takes place before or after such party files objections.
Disclaimer: These codes may not be the most recent version. I make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to any other site. Please check official sources.
Surrogate's Court Procedures Act
§ 2211 Voluntary Account; Proceedings thereupon
1. On the return of process issued as prescribed in the preceding section the court must take the account, hear the proofs of the parties respecting it and make such order or decree as justice shall require.
2. The fiduciary may be examined under oath by any party to the proceeding either before or after filing objections, if any, to the account, as to any matter relating to his or her administration of the estate. The party conducting such examination shall be entitled to all rights granted under article thirty-one of the civil practice law and rules with respect to document discovery, regardless of whether such examination takes place before or after such party files objections.
Disclaimer: These codes may not be the most recent version. I make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to any other site. Please check official sources.