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Probate Closing Inventory

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kriskris

Junior Member
What is the name of your state? North Carolina


I am the executor to my Grandfather's estate and I'm getting ready to close the estate. When I went to the clerk of court today she told me that the amounts had to match the inventory amounts. Well his stock has increased since he passed. Is that money to be distributed as part of the estate? Also I have leased his home to the folks that have now bought it so there is the lease money, monthly that has been added to the bank account, is it to be divided in the estate? I guess what I'm also asking is what is the process of the estate vrs the inventory by the auditors after it is closed?
 


K

kriskris

Junior Member
kriskris said:
What is the name of your state? North Carolina


I am the executor to my Grandfather's estate and I'm getting ready to close the estate. When I went to the clerk of court today she told me that the amounts had to match the inventory amounts. Well his stock has increased since he passed. Is that money to be distributed as part of the estate? Also I have leased his home to the folks that have now bought it so there is the lease money, monthly that has been added to the bank account, is it to be divided in the estate? I guess what I'm also asking is what is the process of the estate vrs the inventory by the auditors after it is closed?
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I went to see an accountant today and he took copies of everything I had and hopefully is going to lead me in the right direction. Any input of experience on this board would also be greatly appreciated.
 
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seniorjudge

Senior Member
kriskris said:
What is the name of your state? North Carolina


I am the executor to my Grandfather's estate and I'm getting ready to close the estate. When I went to the clerk of court today she told me that the amounts had to match the inventory amounts. Well his stock has increased since he passed. Is that money to be distributed as part of the estate? Also I have leased his home to the folks that have now bought it so there is the lease money, monthly that has been added to the bank account, is it to be divided in the estate? I guess what I'm also asking is what is the process of the estate vrs the inventory by the auditors after it is closed?
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I am not sure what you are asking since the answer is so obvious:

You must account for every penny of value in the estate.

(You have to treat that property more carefully than your own. Google fiduciary.)
 
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BlondiePB

Senior Member
seniorjudge said:
I am not sure what you are asking since the answer is so obvious:

You must account for every penny of value in the estate.

(You have to treat that property more carefully than your own. Google fiduciary.)
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I know exactly what she is talking about. She doesn't know how to account for the additional monies to the estate since the time of the initial inventory.
 
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BlondiePB

Senior Member
kriskris said:
I went to see an accountant today and he took copies of everything I had and hopefully is going to lead me in the right direction. Any input of experience on this board would also be greatly appreciated.
Click to expand...
Members who have been around for a while, know I do these accounting reports for the court. Let the CPA take care of this and pay him/her for it from the estate account, which will also have to be on the accounting report. Even CPA's accounting reports get rejected by the auditors, but I've never had one rejected nor asked about any items due to the thoroughness of the reports. :)
 
K

kriskris

Junior Member
BlondiePB said:
Members who have been around for a while, know I do these accounting reports for the court. Let the CPA take care of this and pay him/her for it from the estate account, which will also have to be on the accounting report. Even CPA's accounting reports get rejected by the auditors, but I've never had one rejected nor asked about any items due to the thoroughness of the reports. :)
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That's exactly what I'm doing, Thanks for the advice.
 
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BlondiePB

Senior Member
I missed this due to replying while you posted

seniorjudge said:
There's a line for that!
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Yep, and a specific schedule & column. What can really get tricky for the inexperienced is when thing, such as a dividend paid, has to go on three different schedules if it is a reinvested capital dividend and where the dividend paid went, when it was paid to the account and what account it was paid to. :eek:
 
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BlondiePB

Senior Member
kriskris said:
That's exactly what I'm doing, Thanks for the advice.
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You're welcome. You may also want to find out how much the CPA is charging the estate, have a bank draft/money order taken out of the account now, and have the CPA include his/her fee.

This will allow you to have the inventory end the day of the bank draft and that money will also be accounted for. It may then take 48 hrs. to have this transaction show up so you can obtain a read out of the account in order to use the read out for your ending date.
 
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