ACCOUNTINGS

In North Carolina, an accounting in the context of an estate refers to the formal record that the executor or administrator of the estate must prepare and submit to the court. This document details the financial transactions related to the estate’s administration. It typically includes:

Income Received: Any income generated from the estate’s assets, such as rental income or dividends.
Expenses Paid: All expenses incurred during the administration of the estate, including debts, taxes, funeral expenses, and administrative costs.
Distributions: Information on how the remaining assets were distributed to beneficiaries or heirs.
Asset Values: Updates on the values of estate assets at the time of accounting.
The purpose of the accounting is to provide transparency and ensure that the executor is managing the estate’s assets properly and in accordance with the law. This accounting must be filed with the court as part of the probate process, and beneficiaries typically have the right to review it.