|Monday, 05 March 2012 17:53|
An executor’s duties during the probate of an estate include keeping detailed records of the estates assets and finances. Probate law requires that all estate assets and transactions involving estate funds be recorded and reported to the probate court for review. This helps ensure that the executor is being honest and that all beneficiaries receive their rightful inheritance.
Because of the complexity of the records that must be kept by an executor, the Dayton, Ohio probate lawyers at Gudorf Law Group highly recommend hiring an accountant or lawyer to help with the record keeping. The accountant’s fees can be paid for out of the estate and will give relatives and beneficiaries confidence that the executor’s duties are being fulfilled competently.
Executor Duties: The Records You Should Keep
The following is a list of records executors should keep during the probate of an estate in order to comply with Ohio probate law as recommended by the Dayton, Ohio probate lawyers at Gudorf Law Group:
An executor’s duties include not only gathering these records but maintaining them during the course of the probate process. Whenever creditors or expenses are paid or assets are distributed in any way, or when assets appreciate in value, these changes must be recorded and updated by the executor. Once the estate has been distributed, probate court will have a court-appointed accountant review the records for accuracy, so it’s important that the records be accurate and kept correctly. Only once the court has approved the records and the case is close do the executor’s duties conclude.
In Dayton, Ohio the probate lawyer’s office of Gudorf Law Group, LLC, can assist with fulfilling an executor’s duties to ensure compliance with Ohio probate law. Call our office at 1-877-483-6730 to schedule a free consultation.