Final Accounting

📄 What Is a Final Accounting in Probate?

A Final Accounting is a detailed financial report prepared by the personal representative (executor or administrator) at the end of the probate process. It shows the court and all interested parties exactly how the estate was handled — what was received, what was paid out, and how the remaining assets will be distributed.

📋 Purpose of the Final Accounting:

• To demonstrate transparency and responsibility in the management of the estate.

• To show that all debts, taxes, and expenses have been paid.

• To provide a clear record before distributing the remaining assets to heirs or beneficiaries.

• To get court approval for closing the estate.

✅ What’s Included in a Final Accounting?

A complete Final Accounting typically shows:

1. Starting value of the estate (from the Inventory of Assets)

2. Receipts/income: money or property added to the estate (e.g., rent, dividends, refunds)

3. Expenses paid:

   • Funeral and burial expenses

   • Court fees

   • Attorney fees

   • Debts and creditor claims

   • Taxes (income and estate)

4. Distributions made (if any early distributions were approved)

5. Proposed final distributions to heirs or beneficiaries

6. Supporting documentation (like bank statements, receipts, or appraisals)