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Estate Financial Statements

“We highly recommend that you engage the services of an experienced CPA when the estate requires general administration”

Generally the probate court in most states will require some sort of accounting to be included in the court filing that provides a summary of the assets included in the probate estate. This financial information is often referred to as a Summary of Account. When there are only a couple of assets in the inventory, your attorney may quickly draft the account according to the court’s specifications (usually determined by statute). Often, though, when an estate requires general administration (aka “full blown probate”), the accounting is more complex.

We highly recommend that you engage the services of an experienced CPA when the estate requires general administration because a seasoned professional will help you identify assets, establish the vesting of those assets (ownership), and work with your attorney to quickly and efficiently prepare the initial summary of account for the court proceeding, which is generally due within a specified time frame.  

Here is what you can expect when you engage us to prepare estate financial statements . . .

  • We will help you inventory the decedent’s estate and identify the vesting of each asset so your attorney can determine the level of probate proceeding;
  • We will prepare the summary of account, statement of charge and discharge, and if necessary, supplemental schedules and footnotes; and
  • We will help you understand the tax issues associated with the distribution of property to the heirs.

For more information, please call us at (775) 828-5027 or send us an email.