Final Accounting in a Minnesota Probate
Towards the end of probate, you’re most likely to encounter a little something known as a final accounting form.
This is one of the final steps to closing out the whole process. The document in question is, more or less, the culmination of probate law. It’s where you go to fill out the details, proving that all of the asset- and estate-related goals have been accomplished. Think of it as the executor’s way of signing off, stating that all of the deceased’s accounts have been put to rest. This is a final accounting in a Minnesota probate.
In the following sections, you’ll get a better idea of what kind of things you should know in order to fill out a final accounting form. This involves activities such as completing the inventory for the deceased’s assets and paying off any debts they had. You may find this document hard to fill out if the other activities have yet to be completed.
Inventory Time
Beneficiaries and assets are mainly what you need to be thinking about when you’re writing in this form. Pretty much anything that has been given to the beneficiaries should be put onto this document because you’re creating a final account of what needs to be accounted for. You should have already been taking inventory of everything that’s being passed on, presuming you’re the functioning executor. This document is your way of saying that the assets will get to the parties which they need to go to.
Don’t forget that you’ll also have to figure out the market value for all those assets.
That probably means you’ll need to account for every object the deceased individual owned up until their death. The price for these items, nonetheless, can fluctuate before you finish your accounting. So, you should be mindful of how the prices change over time to ensure that the market values are as accurate as possible. You’ll need at least two prices for fixed assets, one price for a fixed item at the start of probate and one at the end.
Note Any Sales
Any of the assets which are sold shall need to be accounted for. These assets cannot be simply sold and treated as though they were forgotten, as there must be evidence to show that they were taken care of.
The price for these should also be taken into account to ensure that their market value was looked into. Remember that any assets must have their market value checked and recorded regardless of them being given away or sold.
There is a little bit more work that might need to be done for sold assets, however.
Should any of the property, objects, or other belongings be sold for a lower price than their estimated market price, an explanation might be necessary. So, for example, if the family wants all the property sold as soon as possible and isn’t concerned about the price, the executor should explain the situation inside the final accounting form. The executor might want to consider informing the family of this to prevent anyone from selling assets and losing track of the information.
Cashing Final Checks
Income that was meant to be received by the deceased at the time of their death has to be collected by the executor.
The same applies to income involving their estate such as rental properties and local businesses. Though the person which the money belongs to may have passed, there might still be money being generated. It’s one of the executor’s jobs to note all of the income which is generated and ensure that it’s redistributed properly.
Also, be aware that nearly any cash-related matters should be taken care of. Checks that weren’t deposited, loans that weren’t paid off, and tax refunds that weren’t dealt with are three such examples. As far as the executor is concerned, anything which involves money should probably be recorded. While they may not be asked about every transaction, it may be wise to have extra records on hand.
Search the Accounts
As a general recommendation, make sure that the executor takes care of any assets that might be hidden away. The deceased could have taken out a life insurance policy and the beneficiary for that policy could be anticipating the payout. An executor cannot just glance at the deceased’s bank accounts and call it a day until they’ve verified that there aren’t any other accounts or other things left in the deceased’s name.
Retirement accounts should be searched, car loans should be paid off, and investment and mortgage statements should be put to rest. There may also be bills that might have popped up. Utilities could have been used towards the end of life and the gas and electric companies might be looking for their payment. This is effectively a restatement of the last section in that if it involves money, you probably need to account for it.
Minnesota Final Accounting Lawyers
Once you have everything ready, you’re one step closer to completing the probate process.
There might be a few other details in the form that you need to work out, but you should have a general idea of what things need to be accomplished. And don’t be shy about asking for some assistance when it comes to the tricky parts. The law firm of Flanders Law Firm LLC is there to connect you with a probate attorney who should have the answers you’re seeking. As an executioner, you might have a lot of little details to go through in order to make sure everything is accurate.
So, keep 612-424-0398 in your contacts in case you need any help filling out the form or anything else related to probate.
