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1. Which form should I use to submit my Estate Probate accounting requested by a judge in San Joaquin County, California?
2. Which schedule is the increase in property value listed?
3. My credits are less than my credits, now what?
Submitted: 5 months ago.Category: Legal
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3/9/2018
Lawyer: Ray, Lawyer replied 5 months ago
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 48,915
Experience: 30 years in civil, probate, real estate, elder law
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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Lawyer: Ray, Lawyer replied 5 months ago
  1. The Personal Representative is required to file an accounting of the financial transactions that have occurred in the administration of the estate unless all persons entitled to distribution of the estate have signed a written waiver of account or a written acknowledgment that the person has received his or her share of the estate (e.g., a receipt on a preliminary distribution).

    If all distributees waive an account, the Personal Representative must still file a report, including the amount of compensation requested by the Personal Representative and/or the attorney and setting forth the basis for computing the fees.


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  3. How do I prepare an accounting?
    All accounts filed with the court must include a financial statement and report of administration according to specific guidelines found at Probate Code sections 1060-1064 and 10900. The account must state the period covered and contain a summary, supported by detailed schedules, showing the following:
    • Property on hand at the beginning of the accounting period (i.e., the inventory value of all assets),
    • the value of assets received during the accounting period, excluding property listed in an inventory,
    • income receipts, excluding receipts from a trade or business,
    • net income from a trade or business,
    • gains on sales,
    • disbursements, excluding disbursements for a trade or business and excluding distribution to beneficiaries,
    • losses on sales,
    • net losses from a trade or business,
    • distributions to beneficiaries, and
    • property on hand at the end of the accounting period, listing each asset at its appraised value as shown on the inventory and appraisal.

    A sample Summary of Account form is included in this website.

    The financial statement may also include additional schedules required for information purposes under Probate Code sections 1061 and 1062, if applicable, such as:
    • A schedule showing the estimated market value of the assets on hand as of the end of the accounting period,
    • A schedule showing purchases or other changes in the form of assets during the period of the accounting (except for transfers of cash between accounts in financial institutions or money market mutual funds),
    • A schedule allocating receipts and disbursements between principal and income, if the estate is to be distributed to an income beneficiary,
    • A schedule listing income, disbursements and proceeds of sale attributable to specifically devised property,
    • A schedule showing the calculation of interest to be paid on specific cash gifts to a beneficiary, if required under Probate Code sections 12003, 12004, 12005.
    • A schedule showing the proposed distribution of estate assets to beneficiaries, including an allocation between testamentary trusts established under the decedent's Will or subtrusts created under a revocable living trust established by the decedent during his or her lifetime, and
    • A schedule listing any liabilities, including loans which are secured by estate assets, obligations for taxes due but unpaid, notes payable by the estate, judgments for which the estate is liable, or any other material liability (but not liabilities which are recurring expenses such as rent or utility payments).

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  5. How do I prepare the schedules?
    The two most important schedules to be attached to the Summary of Account are the Schedule of Receipts and the Schedule of Disbursements.

    The Schedule of Receipts must show the following:
    • The nature and purpose of each item;
    • The source of the receipt (stock dividend, interest, etc.); and
    • The date of the receipt.

    Receipts can be listed either chronologically or by category. You must be careful to list income receipts only or to separate income receipts and principal receipts in separate columns (or list them on separate schedules).

    Principal receipts include items such as refund checks, uncashed checks at the decedent's death, and generally consist of assets that the decedent owned or was entitled to receive as of the date of death, even if not received until after the date of death (such as refunds), while income receipts represent money that is earned by the estate after the date of death on assets belonging to the estate. Principal assets should be listed on an inventory and appraisal. The total of all income Receipts should be listed on the charges side of the Summary of Account.

    Gain or loss is the difference between the gross sales price and the appraised value of the asset, as shown in the inventory and appraisal. Sales of estate assets should be listed on a schedule for Gains on Sales, if the asset was sold for more than its appraised value, or on a schedule for Losses on Sales, if the asset was sold for less than its appraised value.

    The schedule should list both the gross sales price and the appraisal value, and show the calculation to reach the net gain or loss. The net difference (the amount gained on the sale or lost on the sale), or the total of all gains and all losses, if multiple assets were sold, should be included in the Summary of Account. The Losses on Sales schedule also lists property included in the inventory that is no longer in the representative's possession and is not otherwise accounted for. It may include property destroyed by fire or other casualty loss not entirely covered by insurance, or property lost through litigation.

    The total of all Gains on Sales should be listed on the charges side of the Summary of Account. The total of all Losses on Sales should be listed on the credits side of the Summary of Account.

    Sales of real property are confusing because the representative frequently receives a check in the net amount of the sale, but the money received is not considered to be income, but a sale of a principal asset. The difference between the appraised value of the real property and the gross amount of the sales price should be shown on a Gain on Sales schedule.

    If any costs of sale were deducted from the sales price at close of escrow (such as property tax payments, broker's commissions, recording fees, document preparation fees, etc.), those items should be listed on the Disbursements schedule.

    As with receipts, the Schedule of Disbursements may be listed either chronologically by date or categorized by type of disbursement. The chronological schedule generally is preferred since it is easier to tell the status of the estate and what payments the representative made at any particular date.

    The Schedule of Disbursements must show the following:
    • The date of the disbursement;
    • The payee (to whom the payment was made);
    • The purpose of the disbursement (insurance, real property tax, filing fees, etc.); and
    • The amount of the disbursement.

    The total of all Disbursements should be included on the credits side of the Summary of Account.

    The Schedule of Distributions should include a list of all cash or property that has been distributed to an heir or devisee of the estate through a preliminary distribution. The schedule must include the date and value of the asset distributed at its appraised value.

    A Receipt on Distribution should also be signed by the person receiving the property and filed with the court as proof that the property was in fact distributed and received by the person entitled to it.

    The total of all Distributions should be included on the credits side of the Summary of Account.

    The Schedule of Property on Hand is important because it represents all the property of the estate remaining in the representative's possession to be distributed. The representative should verify that the property listed on the schedule is actually on hand.

    Cash on hand should be verified with the latest bank statement at the end of the accounting period. The description of other (non-cash) property should be described using the same description included in the inventory and appraisal (except that real property can be identified by street address on the Property on Hand Schedule, but the full legal description must be included in the Judgment of Final Distribution).

    The property should be identified by the inventory item number (and preferably listed in the same order as the inventory and appraisal for easy verification), and should be listed at the value listed on the inventory and appraisal.

    The representative should check the inventory and appraisal against the account schedules, to verify that all assets listed on the inventory and appraisal have been accounted for, either through sale, distribution, or that the asset is listed on the Property on Hand Schedule.

    The total of all Property on Hand should be included on the credits side of the Summary of Account.

    Additional schedules may also be required for information purposes under Probate Code sections 1061 and 1062, as listed above. The dollar values of these schedules are not included in the Summary of Account calculations, although the schedules should be listed, if applicable.

    In all cases, an additional schedule is required showing the estimated market value of the assets on hand at the end of the accounting period. The market value of assets can be included on a separate schedule or the information can be listed in a separate column in the Property on Hand Schedule.


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Lawyer: Ray, Lawyer replied 5 months ago
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Lawyer: Ray, Lawyer replied 5 months ago

More on closing and distributing estate

http://www.alameda.courts.ca.gov/Pages.aspx/Closing-and-Distributing-the-Estate

I appreciate the chance to help you again.Thanks

If you can positive rate 5 stars it is much appreciated.

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