The accounting states assets inventoried, receipts, disbursements, distributions, and the proposed final distribution. Formal accountings are filed with the court while informal accountings may be approved by beneficiary agreement.
Approval discharges the representative.
Alternative Names:
Personal Representative Accounting|Probate Accounting
Why it Matters?
Discharge on approval is the representative's protection, since an approved accounting bars later claims regarding disclosed matters and terminates the fiduciary relationship, which makes obtaining approval rather than closing informally worthwhile where beneficiary relations are strained. Informal approval by agreement is faster and cheaper but provides weaker protection where a beneficiary later claims inadequate disclosure.
Frequently Confused with
Related terms
Frequently asked questions
What does approval accomplish?
When is formal approval worthwhile?
