Court accounting is an important part of being an administrator or executor of an estate for a deceased friend or relative. When it comes to preparing for the process, each case is unique and can take anywhere from weeks to years.
Court accounting in California requires the preparation of specific forms and the use of a particular format as well as specific information you need to include in your accounts. Without the proper documentation, a case can drag on longer than anticipated. Here are a few things to keep in mind when it comes to court accounting.
How a Deadline is Set
The deadline to prepare and submit the estate’s final accounting is set by the court. The final accounting will show the beginning inventory, all additions and subtractions, and the ending inventory that can be distributed to the beneficiaries. This process can vary depending on the kind of assets attached to the estate and the availability of the documentation of those assets.
Not having the right documentation can certainly slow down the process. This includes checks and deposits that don’t have enough information about the individual transaction or if the deceased had stocks outside of brokerage accounts.
Family feuds and/or questions over missing assets can really throw a wrench in the court accounting process. If a family member challenges the will or doesn’t agree about how to divide the assets, the court may have to intervene to settle the matter first. These types of disagreements often end with more time and money spent.
Have More Questions Regarding a Court Accounting?
Marcia L. Campbell, CPA specializes in court accountings and is committed to helping each client plan for the personal and financial decisions that need to be made for the future. Marcia’s team has a genuine interest in your well-being and a well-established list of services to help guide you through this process.
If you need help, please contact us by filling out our Contact Form or by giving our office a call at +1(951)686-3608.