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From Our “Ask a Question” Mailbag: “When Should a Bucks County Executor File a Formal Accounting?”
Probate Lawyer Kelly Barse.
When Should a Bucks County Executor File a Formal Accounting:
When the Beneficiaries Refuse to Sign an Informal Accounting.
Mr. Doylestown died with a Will naming his son, New Hope, as his executor. Mr. Doylestown’s other children, Yardley and Bensalem, we were not pleased. New Hope gathered the estate assets including selling his father’s house. After paying Mr. Doylestown’s final income tax return and receiving approval for the Inheritance Tax Return, New Hope is ready to divide the assets. He provides Yardley and Bensalem an informal accounting. Yardley responded saying that New Hope failed to get the best price for the home and Bensalem stated that he thinks his father had more money but is vague when asked about this money’s location. They both refuse to approve the informal account and release New Hope.
New Hope should retain our Formal Accounting Lawyers to assemble and file a Formal Account. The court requires the executor use a specific format, outlined by the Supreme Court. Further, the court requires formal notification to all interested parties. In this way, Yardley and Bensalem must file formal, specific objections to the accounting. The court then addresses these objections. The judge, in the end, issues a final order, and the estate is distributed. In this way, New Hope secures a liability release, barring siblings from successfully filing future objections.
To Secure a Judge’s Approval for a Plan.
Mrs. Penndel died without a Will. Her daughter, Dublin, and son, Woodbourne, agreed that Dublin should serve as the Administrator. She filed the necessary petition and took control of the estate assets. Dublin gathered information about the estate assets and discovered Mrs. Penndel had substantial creditors. Though initially she and Woodbourne had planned to keep the house it became clear to Dublin the property’s sale was inevitable. When told of this, Woodbourne refused to agree. Woodbourne cannot explain how to satisfy the creditors but refuses to acknowledge to the real estate’s sale. Dublin worries that if she sells the house without Woodbourne’s approval, he will later go to court and argue she failed in her duty as Administrator.
Dublin should have our Formal Accounting Lawyers draft and file a Formal Accounting and Schedule of Distribution. Correctly served on Woodbourne, he will then have a specific deadline to come up with an alternative plan. Otherwise, the judge will approve the house’s sale and method of distribution. Woodbourne will have his day to submit his proposal, but if he fails, barring him from successfully complaining at a later date.
In Conclusion: When Should a Bucks County Executor File a Formal Accounting?
I hope this article When Should a Bucks County Executor File a Formal Accounting was useful. We are always happy to brainstorm with you about your own, unique situation.
Let our Formal Accounting Lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our Formal Accounting Attorneys. By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!
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Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. Peter Klenk received his Masters in Taxation LL.M. from NYU Law School and his J.D. from the University of Minnesota Law School. He served his country in the Navy JAGC during Desert Storm. Easy to talk to, feel free to call Peter for an appointment. We will make the process as easy as possible!
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