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What is an estate’s final accounting?

If you are a California resident who is serving as the personal representative of someone’s probate estate, you already may know that one of your last duties is to prepare the estate’s final accounting and file it with the Superior Court. You must do this so the court can officially close the estate.

As the Superior Court of Orange County explains, your final accounting must contain specific information, including the following:

  • Date the estate was opened
  • Date of the final accounting
  • Financial statement
  • Inventory value of each estate asset
  • Appraised and market values of remaining estate property as of the date of the final accounting

Additional required financial information

You final accounting needs to summarize all of the estate’s financial transactions, including the following:

  • The value of all assets the estate received after it was opened
  • The amount of interest, dividends and other income the estate received
  • The net income the estate received from a business or trade
  • The net gains and/or losses the estate received on any sales
  • The disbursements the estate made
  • Any preliminary distributions you made to estate beneficiaries

You must support each of these transactions with whatever receipts, schedules or other documentation pertains to it. This information should not be taken as legal advice, but it can help you understand the final accounting process and what you need to do.

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Woodland Hills, CA 91364

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