Accounting & Closing

by / Friday, 14 February 2014 / Published in Probate

The Final Accounting is prepared by starting with the assets that were included in the Inventory and Appraisement followed by a written detail of any and all income,  paid priority claims, creditors claims, and all distributions to devisees and heirs. (Form 361ES)  The earliest that the Personal Representative can file the inventory with the court is thirty days after the period of notice to the creditors’ has run (nine months after the posting of the creditors’ ad).  If the Personal Representative has sold real property, the HUD-1 and deed should be included.

To close the Estate the Personal Representative must prepare and provide Receipt and Releases to all persons and all creditors who received distributions and a Notice of Right to Demand Hearing on all interested persons.  If the Personal Representative sold property that was left to a beneficiary in the will, he or she may also need to file a sworn explanation as to why the property was sold and how the beneficiaries’ interest was protected.   When the Personal Representative has filed all necessary documents, paid all creditors’ claims, distributed all of the Estate assets, and has delivered all required notices, he or she may apply for settlement with the probate court.

Small Administration and Abbreviated Administration is possible based on specific circumstances.  Where  the surviving spouse is the sole beneficiary many of the steps of closing the estate may be waived and if there is only personal property of a value less than $25,000, probate may not need to be opened at all.  Please feel free to contact Fresh Start SC if you need a small probate administration.

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