While following through on the final wishes set forth in the Will of the deceased, the executor should retain all accounting records throughout the process. They may be called upon via a formal statement or estate accounting. Part of the estate closing may require estate accounting if the parties are not in agreement.
To settle an estate, a beneficiary can demand the executor of an estate to prepare the statement and present it to the Pennsylvania Attorney General’s Office. Estate accounting in Bucks County is governed by Orphans Court Rules. Retaining an estate lawyer will facilitate a complete and accurate filing of the estate’s full value.
Estate accounting is much more than providing a balance or a few invoices. Estate accounting requires full disclosure of all assets, income, gains, losses, and transactions. The statement is completed most importantly for the purpose of setting forth and ensuring accurate distribution to any beneficiaries. As this may be needed to close the estate, it is important for executors to stay fully aware of any debts that have been satisfied, creditors that have been paid off, and anticipated tax costs owed to the IRS or Pennsylvania Department of Revenue later in the year.
Because of the complexity of the statement and many components, it is advisable to collect any and all information in meet with an experienced Bucks County estate lawyer. Discrepancies or shortages can lead families into court or have creditors filing lawsuits. If you are already in this situation and need representation, or if you are preparing to close a Bucks County estate, we can help.
Contact our office for more information and to schedule a consultation with a Bucks County estate lawyer, (215) 486-8171. With knowledge and experience, families can trust in our office to help get through probate and move forward.