Estate Accounts Format (Simple) (BC)

Summary

This precedent is a typical chart that can be used for estate administration purposes to log all the expenses payable upon death, including debts payable to the deceased's creditors , disbursements, payments for future taxes, legal and accounting fees, executor fees, as well as how to distribute the remainder of the estate among the deceased's beneficiaries. It contains practical guidance and drafting notes. The process of passing of accounts ensures that an executor, administrator, or trustee has met his or her duty to account for his or her actions to the beneficiaries. Lawyers should advise their executor/administrator/trustee client early in their retainer that every personal representative of an estate or trust has a duty to account for their actions to the beneficiaries of the estate or trust. If the beneficiaries are prepared to approve the accounts, the form of accounts is not relevant. Generally, all that is required is the following: (i) a listing of the money in and out of ...