Legal Question in Wills and Trusts in New Jersey

Re: What is included in an accounting of an estate?

The accounting is traditionally from the date of death forward. You rely on the reporting of the Executor as to accuracy and completeness. You can request a formal judicial accounting (which is essentially a literal item by item accounting, and will cost much more to prepare since receipts and checks must be documented, as well as filing fees to the Surrogate's Court). Also, there may be tax returns to be filed (federal and/or state, depending upon the size of the estate) and you are entitled to get copies of these as well, although there may be photographing costs involved). Usually the accounting is only of assets coming into the Executor's possession (called "probate assets") and for which he is responsible. There may be non-probate assets as well, for tax purposes. These would include jointly registered assets, assets with a named beneficiary (like insurance policies and retirement accounts) and these, since they pass outside the Will, may not be included in the accounting as they do not go through the Executor's hands, but usually go directly to the joint account holder/named beneficiary. Finally, if any substantial gifts were made prior to the date of death, these may have to be included in the estate/inheritance tax returns, for tax purposes, but do not pass through the Executor's hands either. This is a somewhat complicated situation and if you have questions, you should call a local estate attorney or me at 973-377-3313 to discuss your questions.

Re: What is included in an accounting of an estate?

An estate accounting starts from date of death (not three years prior).

You are trusting that the executor is providing you with full disclosure of all estate assets. You can require a formal Court accounting in which case the executor is providing all information under oath. If you still have doubts, it is possible to subpoena information from financial institutions if necessary.