An executor of an estate is responsible for accounting, which involves documenting the property, expenses, cash balance and other crucial details. Doing this helps them keep track of the assets they are managing and easily account for their activities.
So, who can demand an accounting from an executor?
Any person interested in the estate
Anyone interested in an estate may demand an accounting from an executor. These include a beneficiary, creditor, devisee, and guardian, among others.
If you are an interested person in an estate and you demand an accounting, the executor needs to provide you with an exhibit in writing, sworn and subscribed detailing:
- The property belonging to the estate that came into their possession
- Any disposition that has been made
- The debts that have been paid
- Outstanding debts and expenses (if the estate still owes any)
- The property of the estate (if any is still in their possession)
- Any information that may help you adequately understand the condition of the estate in depth
You can demand such an exhibit at any time after 15 months pass since the date the court clerk approves the appointment of the executor.
When should you be concerned?
If you are not satisfied with the accounting the executor provides (perhaps the receipts provided do not add up), consider requesting the court to review it.
You should also be concerned if the executor fails to provide an exhibit within 60 days after they receive your demand. They may be mismanaging funds, not paying creditors, failing to file tax returns or engaging in any form of misconduct. The probate court can help you compel the executor to comply with your demand.
If you believe an executor is not acting in the estate’s best interest, legal guidance can help you protect your loved one’s legacy.