What is Probate Accounting, and When Might You Need It?

Probate accounting is an essential part of distributing just about any estate, but people can underestimate its importance if they have not dealt with estate law matters before. Without a proper accounting of an estate, it can be essentially impossible to ensure every heir gets what they are legally entitled to. But what exactly is probate accounting, and when might you need it?

What is Probate Accounting?

In simple terms, probate accounting is when you take account of all the assets in a deceased person’s estate for the purposes of distribution to their heirs. This is done for two major reasons: first, it is a necessary part of probating the estate, and generally required by the probate court. Second, it helps identify all assets in the estate for the heirs, to take stock of what they are set to inherit under the deceased person’s estate.

Who Can Ask for Probate Accounting?

Typically, a probate accounting is done by the executor for the estate as part of their duties to ensure the decedent’s last will and testament is carried out. This includes providing an inventory of the full estate, as well as receipts for any income, expenditures, or disbursements that occur during the process of probating the estate. However, in the event of a dispute, one of the estate’s heirs or beneficiaries can seek to have their own accounting done.

When Should You Get a Probate Accounting?

There are two main reasons you may want to seek probate accounting. The first is that you are a fiduciary, such as an executor or trustee, involved in the process of probating the estate. The second is that you are an heir or beneficiary and you suspect there is some kind of mistake or wrongdoing happening in the process of probate.

What Should You Do if an Accounting is Disputed?

If there is some kind of dispute over probate accounting, you should consider hiring a lawyer with experience handling estate law matters. They can advise you on your potential legal options, and help you to get the best possible outcome in any dispute. The sooner you call, the sooner they can get to work finding a favorable outcome to your case.

The estate planning attorneys at David J. Lorber & Associates, PLLC will work with you to handle all of your trust and estate law needs, including assisting in estate law litigation. For comprehensive estate and elder law services in New York, call David J. Lorber & Associates, PLLC at (631) 750-0900 or contact us online to schedule a free consultation at our Setauket office.