Court filing reports in Palm City estate administration is not an easy thing to keep track of or do. There are many duties you have as an administrator, and it is easy to get bogged down by all of them. Instead of making a crucial mistake or neglecting your fiduciary duties, reach out to an attorney who can help you respect the wishes of a decedent.
There are many aspects to court filing reports in Palm City estate administration. Some of the required reports a personal representative needs to produce when administering an estate include an inventory, a statement regarding creditors, and the final accounting.
These reports are generally prepared by the attorney representing the personal representative and then the personal representative would sign the reports. The inventory is generally kept confidential upon filing except that a copy must be served on beneficiaries. The final accounting must be served on all interested parties before the personal representative can be discharged from their duties.
An inventory is a snapshot of the assets and their associated values owned by the decedent upon the decedent’s date of death. An inventory is always required in the administration of all Palm City estates in formal administration. Summary administration proceedings, however, do not require an inventory.
The purpose of the inventory is to inform the beneficiaries of the nature and the extent of the estate. The surviving spouse, if any, any intestate heirs at law, residuary beneficiaries, and any other interested party who requests the inventory in writing can receive the inventory.
However, assets typically should not be distributed to any beneficiary before the inventory has been filed. This is usually not an issue since the inventory is required to be filed within 60 days after the personal representative is appointed which is typically still within the creditor claims period.
The role of an appraiser is to assign a reasonable market value to an asset particularly when that asset’s value is not readily apparent. Examples might include the value of a business, commercial real estate, valuable collectibles, or antiques. Appraisals are not required on all assets, but they can very useful if the value is in question.
An estate account is a bank account that is set up by the personal representative to receive estate assets. The estate account is required to have its own tax identification number which is distinct from the decedent’s Social Security number. Surprisingly, an estate account is not required in the administration of all Palm City estates, but in most cases, it is necessary to establish one.
The purpose of the account is to facilitate the personal representative’s duty of marshaling and collecting all estate assets.
Upon creation of an estate account, the personal representative will receive regular monthly statements of the estate account but those statements are not required to be disclosed to any other parties. However, as part of the final accounting, all information contained on those estate bank accounts will be reflected.
To better administer an estate, the personal representative should maintain copies of all documentation on any incoming funds such as wires or bank transfers and should also keep copies of all bank statements and checks.
Any objections would usually be filed in the course of closing administration for the estate. If an interested party receives the final accounting and objects to either the way in which estate assets were handled or accounted for, then that party may file an objection with the court.
Estate administration comes with many legal obligations. Personal representatives of an estate are often required to keep forms and file certain items to adhere to Florida and Federal Law. Court filing reports in Palm City estate administration is no exception. However, if you feel confused or overwhelmed by the amount of paperwork necessary to complete your fiduciary duties, then you should consider working with an attorney who can help. Reach out to an attorney today.
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Written by: John Mangan, JD, MBA