A waiver of accounting is a voluntary waiver by all heirs and beneficiaries that eliminates a very time-consuming and expensive accounting process by the Personal Representative. In order for a probate estate to be closed, the court requires the filing of a petition for final distribution. When the petition for final distribution is filed, the court requires a detailed accounting of all the monies and other items received and all monies paid out during the probate administration. The accounting, however may be waived when all persons who are entitled to receive property from the estate have signed a written waiver of accounting. Preparing an accounting is time-consuming, expensive and unnecessary when all the beneficiaries are in agreement. Most importantly, the waiver of accounting simplifies the closing of the estate.
A People’s Choice requires that all beneficiaries and heirs sign a waiver of accounting in probate matters we handle.