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By: Scott Grossman on December 7th, 2017

Filing an Accounting in California Probate: Ten Helpful Facts

Why Filing an Accounting in California is Important?

If you recently lost a loved one and are beginning a California estate administration, the process may seem overwhelming due to filing an accounting. Furthermore, you likely will receive various official notices and or communications from the executor of your loved one’s estate or from the trustee of his or her trust. One such communication includes an accounting of the estate’s or of the trust’s assets.

Ten helpful facts about a California Probate:

  • The trustees and executors must file an accounting that declares the assets of the estate.
  • The California Probate Code outlines the requirements of a valid accounting.
  • The accounting must list the property held by the trust at the beginning covered by the accounting.
  • If the trustee or executor is filing an initial accounting, the property is valued according to its value. This only occurs when the trustee or executor receives it.
  • During subsequent accounting, first of all; the property included begins with the property held by the trust or estate at the end of the previous accounting.
  • Also, subsequent accounting will contain the value of any property received after the commencement of the estate or trust administration.
  • The accounting will include the amount of all income received.
  • The accounting will include the number of disbursements made, including distributions to beneficiaries.
  • At the time period, the accounting will list the value of the property at hand.
  • Heirs and beneficiaries of an estate or trust receive a copy of an accounting.

If you are ready to start your case, then please give us a call or fill out our Get Help Now form. A comprehensive overview of California Probate is available here. Should you have additional questions about trust litigation, you will find plenty of useful information in our Learning Center.