Before the property can be distributed from a probated estate, the personal representative must complete the final accounting phase. This final account preparation can be a very difficult task that requires the assistance of an experienced professional. Fortunately, our lawyers are here to help make sure the accounts within an estate are accurate and up to date.
The personal representative is responsible for making sure the account of the estate is thoroughly prepared. This requires careful planning and complete records. The account must be computed properly to ensure there are no mistakes and that all of the assets are ready for distribution.
The final accounting will list everything that has been done with the estate so far. The final account of the estate includes, but is not limited to, the following important information:
- A list of all the estate’s assets;
- Any income or gains generated from the assets since the death of the decedent; and
- Expenses incurred by the estate, including those paid for during probate
Expenses paid for during the administration of the estate will include taxes, filing fees, attorney fees, and possibly more. All expenses related to settling the estate should be listed as well.
The final accounting documents are often made available to all heirs and devisees of the estate. One of the main purposes of the document is to make sure that everyone is receiving their fair share of the estate. It also ensures that the estate has been handled properly by the personal representative. A qualified probate attorney can help prepare these documents and make sure there won’t be any problems when you close out the estate.
When it comes to the final accounting in the probate process, you can’t afford to make any mistakes. Our attorneys are here to help. We will help make sure you are ready to close out the estate free from error. Contact the Brown Law Offices, P.A. at 763-323-6555 for a free consultation.
Find out more about probate in Minnesota by reading Probate Process Step 8: Property Distribution