{"id":1864,"date":"2020-07-22T20:07:30","date_gmt":"2020-07-22T20:07:30","guid":{"rendered":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/?p=1864"},"modified":"2024-10-03T22:42:14","modified_gmt":"2024-10-03T22:42:14","slug":"executors-accounting-beneficiaries","status":"publish","type":"post","link":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/blog\/executors-accounting-beneficiaries\/","title":{"rendered":"Do Executors Have to Give an Accounting to Beneficiaries?"},"content":{"rendered":"

Introduction<\/h2>\n

An executor is responsible for managing the affairs of a deceased person\u2019s estate. Also referred to as a personal representative, an executor is often appointed by a probate court and holds many responsibilities. From submission of the decedent\u2019s last will and testament<\/a> to identification of all assets, the roles and responsibilities of an executor are far reaching.<\/p>\n

One of the most important roles as an executor of an estate is accounting tasks. An executor is responsible for preparing an accurate and complete inventory of assets and expenses.<\/p>\n

In some cases, a beneficiary may want to see this information. But does an executor have to give an accounting to beneficiaries? The short answer is yes.<\/p>\n

Accounting Information for an Estate<\/h2>\n

Executors must prepare concise accountings for an estate to ensure that the inheritances of all beneficiaries are handled in a fair and competent manner. Each state has their own accounting laws and associated legal forms; however, most consist of similar information.<\/p>\n

When making decisions in regards to the accounting of an estate, an executor is obligated to disclose all actions. This includes listing all receipts for bill payments and the sale of any property. In addition, any monetary distributions to beneficiaries must specify specific dollar amounts. Beneficiaries are legally entitled to accurate and detailed account from executors.<\/p>\n

Responsibilities of an Estate Executor<\/h2>\n

Agreeing to become an executor of an estate is not a decision to be taken lightly. Executors face many responsibilities although the time and effort involved in the job can vary depending on the size of the estate. Some of the most common duties performed by an executor include the following:<\/p>\n