North Texas Estate Accounting Services
Estate accounting is one of the important duties carried out by the executor of a will or a trustee. In reality, estate accounting can be complicated and requires the help of experienced attorneys. Maintaining and reporting accurate accounting records will prevent delays, and allows for fast asset distribution to beneficiaries. Lucé Law, PC can meet all your estate accounting requirements.
Estate Accounting Services
Executors have a legal obligation to account for their actions taken in the administration of the estate. This process includes accounting for all assets controlled by the estate, records of all liabilities – and the entitlements of all beneficiaries.
Even a modest estate will require precise accounting and the oversight of experienced estate accounting attorneys. Lucé Law, PC can help administer the process, whether it involves a simple will or a complex series of trusts.
What’s Included in an Estate Accounting?
It’s important that all items that form the estate, including real estate, cars, savings, stocks and other possessions are accounted for. At Lucé Law, PC, we are committed to meeting the wishes of the deceased person, focusing on accuracy and rigorous attention throughout the process. We also understand the expenses needed to manage the estate before distribution to heirs.
If accounting records are incomplete or inaccurate, this can cause extensive delays for beneficiaries. We review all fiduciary accounting on your behalf, while also offering dedicated support in the case of contested accounting. Our many years of experience in Texas estate law means we file accurate financial records according to schedule.
Common Questions About Estate Accounting
Most accountants are focused on taxation and financial records – without a legal background. If you need estate accounting services, it is important to work with attorneys focused on this area of law.
Yes. Accurate records must be kept for any income such as rent from rental properties and income from investments or businesses. We will ensure records are up-to-date and accurate at the final accounting.
Simply put, the final accounting documents the inventory at the time of death, all income earned by the estate, a record of debts paid – and the final inventory to be distributed to beneficiaries.