Closing estate - Final Accounting

jseverns said:

What is the name of your state? South Carolina - Lexington County

I am preparing my closing documents and I am having difficulty with my Final accounting. What all is required under the Receipts and Disbursements. What do you put under each?
If anyone can help me with this , I sure would appreciate your help.


JS

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cp1957 said:

If the final accounting is not done right this will stall the closing of the estate. Have a accountant check over the final accounting it will save you time and stress. The court is very strict in this area. If could be off only a hundred dollars, and that sum would have to be found. I hope this helped, I just saw a red flag, this person needs help.

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seniorjudge said:

The court will tell you exactly what you need to put there.

The receipts are monies the estate got and the disbursements are the monies the estate spent.

The estate's checkbook will be very helpful in filling out this report.

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BlondiePB said:

And, the receipts as well as the disbursements must be put in the correct columns (income or principal).

FYI, for anyone, disbursements in these reports do have to go in either the income or principal columns on the disbursement schedule of the accounting report.

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richie78 said:

What about signed receipts for any disbursements made to the heirs? Do such signed receipts have to be entered into the court records to confirm the disbursements shown in the accountings prepared by the estate administrator?

If not, then how does the court know that the disbursements were made as reported?

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BlondiePB said:

All transactions must be reported on the proper schedule and column.

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richie78 said:

Understand about the transactions appearing on the schedules of the final accounting, but how does the court verify that the transactions reported were actually made?

Does the court require that signed receipts be submitted to support each transaction, ie, disbursement?

If not, then how can the court accept the transactions shown on the schedules of the final accounting as being the truth? Hopefully the court just doesn't accept any notarized final accounting filed without some kind of confirmations that the entries are true.

From just reading the messages on this forum, it has become plainly obvious that many family members have had their inheritances apparently stolen/embezzled by a family member who is the trustee, personal representative, or administrator of their family's estate.

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richie78 said:

Huh? I thought I was asking you a question that you might be able to help clarify your prior response and help everyone.

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BlondiePB said:

If the original poster needs clarification, he/she can ask. Furthermore, I do not post any information that can be used to a disadvantage of an estate, especially when it comes to accounting reports and how one can use info posted by be to avoid getting caught with their hands in the cookie jar.

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richie78 said:

Huh?? Where did that come from?

You seem to be saying that an heir does not have the right to know what is in the inventory of an estate managed by an administrator. That the heir must blindly accept that there is something being managed by the Administrator, and that he should trust, and not challenge, the figures that the administrator provides in the estate accountings. Is this what you are suggesting to everyone of us?

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BlondiePB said:

No.

And, if you read my posts, what you seem I seem to be saying is totally off-base.

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richie78 said:

Then why won't you try to answer the question about how to verify the distribution entries of an administrator's estate accounting's, ie, specifically the details of a claimed distribution like, who got it, was it paid by check, date when was it paid, was it signed for, by whom? This kind of information is not shown in either Schedule A, B, or C of the accountings. If you know the answer, and would honestly post it, then you would be helping not only me, but Jseverns and eneryone else who is trying to learn and understand.

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