7 Tips to Document Estate Expenses in Accounting

Scott Grossman

Scott Grossman

Attorney

The Grossman Law Firm, APC · 525 B Street, Suite 1500, San Diego, CA 92101 · (951) 523-8307

When an executor prepares an accounting for an estate in Riverside, it is very important that the forms be prepared properly. Accountings which contain errors could be rejected by the court, increasing the time and expense related to the task. This ultimately decreases the assets that will be available for the estate’s beneficiaries. Unfortunately, mistakes can and do occur when executors prepare and submit accounting for the estate. One such mistake can usually happen when you document estate expenses incorrectly.

Tips that will Help You Avoid Costly Mistakes when you Document Estate Expenses in Accountings:

  1. Document the date that the expense was paid by the estate’s executor.
  2. Enter the check number used to pay the expense.
  3. List the payee receiving the payment for an expense of the estate.
  4. State the purpose for such payment.
  5. Enter the exact amount of the payment.
  6. State the time period for the account, such as the date of death through the end of the account period.
  7. Distinguish between disbursements made during the accounting period, losses on sale or other disposition of assets, net loss from a trade or business, and distributions made to beneficiaries. Each category should be listed on its own schedule. To learn more about the various schedules associated with a probate accounting, view our article, “An Overview of the Schedules in a Riverside Probate Accounting.”

Following these tips will ideally ensure that an accounting is not rejected due to the manner in which the executor chose to document estate expenses during an accounting period. For more information about administering an estate in Riverside, call our office today at our toll-free number, (888) 443-6590. Or, fill out a contact form on our website to get in contact us. It would be our pleasure to further assist you.

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