In probate proceedings, the Final Account, which is also called the Administration Account in Connecticut, is the statement filed with probate court that shows the final disposition of an estate’s assets after all debts, taxes and expenses relating to the estate have been paid but before assets are distributed to beneficiaries. The final account is filed by the executor of the estate and must contain certain information required by law.
In Connecticut, state law requires the executor of an estate to maintain records regarding all the estate's assets and all transactions involving estate money and other assets. This includes the value of each asset, all creditor claims against the estate, taxes owed by the estate, and all disbursements, payments and expenses paid out of estate assets. Once the estate has been settled, the executor submits all the records and accountings to the probate court as the final account. The court then audits the records to make sure everything was handled appropriately. If a discrepancy is discovered, the executor will be required to explain or correct the discrepancy. Once the final account is approved by the court, the assets can be distributed to beneficiaries.
Because the requirements for accounting and record keeping during probate of an estate are so exacting and detailed, it is common for executors, who are often family members of the deceased without a background in probate law or accounting, to hire a Connecticut probate attorney to assist with all the formalities.
Requirements for a Final Account or Administration Account in Connecticut
- Should be filed within 12 months of the decedent’s death; interest will accrue on specific bequests not paid within 12 months of the date of death
- Includes inventory of all estate assets and accounts along with the value of each asset
- Includes all money and assets received by the estate, including income earned by the assets
- Must indicate who received assets from the estate, including payment of funeral expenses, payments to creditors, taxes and other expenses
- All cash balances must be reconciled
- Confirms that there are no additional heirs other than those already disclosed to the Probate Court or listed on the schedule of proposed distributions
- Use final account form provided by probate court
Ensure Correct Reporting and Minimal Hassle with Probate of Your Loved One’s Estate
If a recently deceased loved one left an estate that must go through probate, the assistance of an experienced probate lawyer can help keep costs down, decrease confusion and frustration, and avoid costly errors. A Connecticut probate attorney at Weatherby & Associates, PC can make sure your loved one’s estate is handled properly and that your final account or administration account is reported correctly.
Call our Connecticut probate attorneys toll free today: 888-822-8778.