Call Today: 212-233-1233

Does a Personal Representative Have to Show Accounting to Beneficiaries

Does a personal representative have to Show Accounting to Beneficiaries

Whether you are a beneficiary or a personal representative of an estate, you may be wondering does a personal representative have to show accounting to beneficiaries. A personal representative of an estate does not have an automatic obligation to file an accounting of the estate. But once the beneficiaries request an accounting, the personal representative has to provide one.

You can ask for an informal accounting first

If a beneficiary and the personal representative agree to an informal accounting, it might work, as long as the beneficiary is satisfied, they have all the information. When a personal representative files an informal accounting, they don’t have to file it with the court. They can just provide it to the beneficiaries. A personal representative may ask a beneficiary to approve an informal accounting before the personal representative makes distributions of estate funds.

If not satisfied, demand that a personal representative show a formal accounting

If the beneficiary is not satisfied with an informal accounting, they can ask for a formal accounting. If the personal representative fails to provide one, the beneficiaries can compel the personal representative to provide one. If the personal representative is ordered by the court to provide an accounting, they usually do or get removed by the court. Sometimes they provide an incomplete or fraudulent accounting. Beneficiaries can sue to challenge those accountings and get the money that the personal representative may be keeping from the beneficiaries.

Requirements of a valid estate accounting

An estate accounting is a document that details every transaction that occurred in the estate and provides some summaries and explanations of the transactions. The document consists of various schedules in a court-approved format and complying with general accounting standards. At a minimum, the estate accounting includes schedules listing line by line all of the assets that are a part of the estate, all of the expenses of the estate, all income of the estate, and proposed distributions of the estate.

The accounting is a set of schedules where a personal representative has to show all possible information about the estate, such as

  • an itemized list of the assets that are in the estate
  • the funds or property received by the estate
  • the expenses of the estate
  • the beneficiary distributions already disbursed and
  • the beneficiary distributions yet to be disbursed

Beneficiaries and their estate attorney can review the schedules and decide that they are satisfied with the information. Or the beneficiaries can compel the personal representative to show all of the documents associated with the estate as well as the personal representative’s personal documents. Beneficiaries are entitled to have the personal representative show documentation such as

  • account statements
  • closing statements
  • copies of checks
  • tax returns
  • loan applications
  • etc.

Accounting vs. Inventory of the estate

Beneficiaries have the right to have the personal representative show an inventory of the estate (not to be confused with a formal accounting) within nine months of the appointment of the personal representative of the estate. An Inventory is something that should just be filed – the beneficiary should not have to ask for it. Some personal representatives make a mistake of just filing the Inventory with the Court and not automatically sending a copy to the beneficiaries. It’s always a good idea to ask the personal representative for an inventory before deciding whether or not to proceed to the next step.

To sum up, does a personal representative have to show an accounting to beneficiaries? Yes, if they ask for it.

If you are looking for a New York estate attorney who has experience with personal representative accountings in New York estate, we at the Law Offices of Albert Goodwin are here for you. You can call us at 1-800-600-8267 or email at [email protected].

Attorney Albert Goodwin

About the Author

Albert Goodwin Esq. is a licenced New York attorney with over 17 years of courtroom experience. His extensive knowledge and expertise make him well-qualified to write authoritative articles on a wide range of legal topics. He can be reached at 212-233-1233 or [email protected].

Albert Goodwin gave interviews to and appeared on the following media outlets:

ProPublica Forbes ABC CNBC CBS NBC News Discovery Wall Street Journal NPR

Client Reviews

Verified feedback from our clients

Mr. Goodwin is everything you want in an attorney: professional, honest, thorough, and genuinely caring. He always explains things clearly, so I understood exactly what was happening and what to expect next. His attention to detail and persistence really stood out. Looking back, I feel lucky to have found him. He guided me through the whole process expertly, and I deeply appreciate all his hard work. Would definitely recommend him to anyone needing legal help.

Sarah M

Legal Services

Thanks to Mr. Albert Goodwin's hard work and smart thinking, I finally won my case, which has been a long time coming. He figured out solutions that no one else could see. I'm really impressed by his strong ethics - something that's rare these days. As my lawyer, he went above and beyond what I expected. I'm so grateful I found him and would definitely recommend him to anyone needing legal help.

Lawrence H

Legal Services

From our first meeting, I knew I was in great hands with Albert and his associate Katrina. They handled my case with incredible skill and efficiency, even though they took it over from another firm. What impressed me most was how quickly Albert responded to my questions with honest, clear answers - no sugarcoating, just straight talk. They managed a huge workload under tight deadlines, and their fees were very reasonable for such high-quality work. Beyond his legal expertise, Albert's wit and personality made a difficult process much easier to handle. I'm deeply grateful for their hard work and would absolutely choose them again. If you need legal help in New York, you won't find better representation than Albert's firm.

Adam F

Legal Services

VIEW MORE
New York State Bar Association Member Badge New York City Bar Association Member Badge American Bar Association Member Badge Avvo Rated Attorney Badge