Legal Question in Wills and Trusts in California

going through probate and was asked to sign a waiver of accounting stating that I beneficiary of the estate waives final settlement of a final account. I'm under the assumption that this is standard operating procedure to close probate is there a down side to signing this waiver?

Asked on 4/11/13, 11:29 am

1 Answer from Attorneys

Julie Mains Mains Law Office

You should have the preliminary report of the expenses claimed and the net monies to be distributed from the executor. If it looks correct and you agree with it, then it speeds things along to waive a formal accounting. If the expenses look high or the assets look low, then you would want the executor to provide a complete accounting. Typically, the executor provides a preliminary accounting to the beneficiaries that shows the assets of the estate, the expenses incurred, the statutory attorney and executor fees and the balance to be distributed to beneficiaries. Then there is no need for a formal accounting and approval by the Court if that prelimiary looks accurate. If this is the case in your situation, you should feel comfortable signing the waiver. The downside to signing a waiver is that if you do not know what the assets or expenses are and you waive and accounting and then are told there is no money, you have then forfeited the ability to obtain an accounting. So, make sure you know the preliminary numbers first and agree with them.

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Answered on 4/11/13, 12:34 pm

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