Estate accounting

How it works

Estate accounting records estate property, debts and financial activity for review. Georgia's form requires an executor to render an inventory of estate property and debts and to file an annual or final return within 60 days of each appointment anniversary until discharged.

Georgia practitioners describe an annual return that itemizes estate assets and expenditures, supported by receipts and invoices. Delaware law requires executors and administrators to account to the Court of Chancery every year until the estate closes and a final account is passed.

Where it shows up for owners of businesses, real estate and private investments

Business interests, real estate and private investments can appear in an estate accounting when they are estate property. Georgia's form calls for an inventory of all property and debts, while Georgia practitioners describe itemized assets and expenditures supported by receipts and invoices.

Points that are easy to confuse

New York articles describe informal and formal accounting as different presentation processes. Informal accounting presents numbers to beneficiaries for signed receipts and releases. Formal accounting is a Surrogate's Court proceeding that can bind parties and discharge the fiduciary.

Delaware and Georgia law set different filing requirements. Delaware law gives beneficiaries generally three months from mailing of notice to file written exceptions to an estate account. Georgia's filing requirement is tied to each appointment anniversary and continues until discharge.

Common questions