Detailed Answer

Short answer: In Indiana, annual and final probate accountings typically must include a verified accounting (a clear ledger of beginning balance, receipts, disbursements, and ending balance), a schedule or inventory of estate assets, supporting financial documents (bank statements, brokerage statements, cancelled checks or paid invoices, appraisals where required), receipts for major expenses (funeral, medical, taxes), a list of creditors and payments, a proposed distribution schedule, and a verification or affidavit by the fiduciary. Courts expect supporting documentation so the judge and interested persons can confirm the accuracy of the numbers. These requirements follow the Indiana probate statutes and courthouse practice for fiduciary accountings.

What an accounting is and who must file one

An accounting is the fiduciary’s formal financial report to the court and to interested parties (heirs, beneficiaries, and creditors). In Indiana, personal representatives, administrators, guardians, or other fiduciaries generally must present periodic (often annual) reports while the estate or guardianship remains open and a final accounting when the estate or guardianship is ready to close. The court will approve the account before final distribution or discharge of the fiduciary.

Key statutory authority (Indiana)

Indiana law governing probate and fiduciary duties is found in Title 29 of the Indiana Code. For the most relevant statutory and procedural rules, see the Indiana Code, Title 29 (Probate and Trust Law) and your local probate rules and forms maintained by the Indiana judiciary:

Documents commonly required for annual and final accountings

The exact documents the court will require can vary by county and the size/complexity of the estate, but the following list covers items courts routinely expect to see:

Verified written accounting or report

A chronological ledger showing: beginning cash/balance, all receipts (itemized), all disbursements (itemized), and the ending cash/balance. The accounting is usually verified (signed under oath) by the fiduciary or the fiduciary’s attorney.
Inventory and schedule of assets

Complete list of estate assets (real estate, bank accounts, investments, personal property), with approximate values and the date of valuation. If an earlier inventory was filed, the accounting must reconcile with that inventory and explain any changes.
Bank and investment statements

Monthly or quarterly statements covering the reporting period for all accounts in the estate or guardianship. Courts often require original or certified copies for the accounting period.
Cancelled checks / paid invoices / receipts

Proof of payments the fiduciary reports, especially for significant items such as funeral costs, medical bills, attorney and fiduciary fees, taxes paid, repairs, and sale expenses.
Appraisals and valuations

For non-cash assets (real property, antiques, jewelry, business interests) when value is material or when required by the court or statute. Include the appraiser’s report and proof of how the value was determined.
Claims and creditor payment list

List of creditor claims filed and the status of each (paid, allowed unpaid, rejected), with supporting documentation for payments made to creditors.
Receipts for distributions

Signed receipts or releases from beneficiaries when final distributions are made, or a proposed distribution schedule showing who gets what and when.
Tax returns and tax payments

Copies of estate income tax returns, final individual returns where relevant, and proof of tax payments for the accounting period if any taxes were due.
Fiduciary and attorney fee details

Itemized ledger or affidavit supporting compensation requested by the fiduciary or the attorney, including hourly logs, rates, and a description of services performed.
Proposed order approving accounting

A draft form of the court order for the judge to sign if the accounting is approved. Many courts accept a prepared proposed order to speed review.

Differences: annual vs final accountings

Annual accountings are interim reports covering a year or another reporting period. They show ongoing management and allow interested parties to monitor the fiduciary. The final accounting must do everything an annual accounting does but also:

Reconcile the estate from opening to closing (show how each asset was handled).
Show final receipts and disbursements, payment of valid claims, and payment of taxes.
Include receipts/releases from beneficiaries for distributions or a report of remaining property to be distributed.
Request discharge of the fiduciary and final approval of fees and distributions.

Practical steps to prepare a clean accounting

Gather all bank/investment statements for the reporting period.
Pull cancelled checks, receipts, bills paid, and invoices for verification.
Create an itemized ledger that groups receipts and disbursements by category and date.
Attach or make available copies of the key supporting documents with the accounting (statements, receipts, appraisals).
Prepare or update the estate inventory; reconcile asset values against statements and appraisals.
Prepare an itemized statement of requested fiduciary and attorney fees with explanation.
File the accounting with the probate court and serve copies on all required interested persons per local rules. File proposed order if your county prefers that practice.

Common pitfalls and how to avoid them

Missing supporting documents — keep original statements and receipts; the court will often request originals for review.
Poor reconciliation — ensure your beginning balance ties to the prior inventory or prior accounting’s ending balance.
Unexplained transfers — document transfers between accounts and between estate and fiduciary if any temporary transfers were made to pay expenses.
Late or insufficient service — follow Indiana and local county rules for serving interested persons; improper notice can delay court approval.

County practice and forms

Counties vary in formatting requirements and the specific forms they prefer for accountings. Always check your local probate court’s website or clerk’s office for required forms, filing procedures, and fee schedules. The Indiana Judicial Branch self-help pages list statewide forms and guidance that many counties use: Indiana Judicial Branch – Probate Self-Help.

When to talk to a lawyer or the clerk: If the estate has complex assets (business interests, extensive retirement accounts, multiple real properties), if there are disputes among beneficiaries, if significant taxes are due, or if you plan to seek fiduciary or attorney fees, consult a probate attorney. Court clerks can help with procedural questions and local form requirements but cannot give legal advice.

Disclaimer

This article provides general information about probate accountings in Indiana and is not legal advice. It does not create an attorney-client relationship. For advice about a specific situation, consult a licensed attorney in Indiana.