What an accounting is and when you must provide one (Maine context)

An accounting is a sworn, itemized report a fiduciary (executor, administrator, guardian, conservator) gives the probate court and interested persons to show how the fiduciary handled estate or guardianship finances. In Maine practice the court regularly requires periodic (often annual) accountings for ongoing administrations and a comprehensive final accounting before the estate closes. Procedures and form names vary by county; contact the local probate clerk or review forms on the Maine Judicial Branch website for local rules and sample forms: https://www.courts.maine.gov/.

Core components required in both annual and final accountings

For each accounting period you should prepare and attach the following core components. These items let the court, creditors, and beneficiaries track assets, income, expenses, and distributions.

• Cover petition or accounting form: the document filed with the court stating the accounting period covered and requesting approval or allowance of the account (use local probate accounting forms if available).
• Inventory or schedule of assets at start of period: an itemized list of estate assets and values at the start of the accounting period (cash, bank accounts, securities, real estate, business interests, personal property). If you filed an initial inventory, show beginning balances that match the prior ending balances.
• Statement of receipts (money in): all money the estate received during the period—rents, dividends, interest, sale proceeds, loan repayments, refunds, collections on receivables, or other income. Include bank deposit records, 1099s, tenant leases if rent is collected, and settlement statements for sales.
• Statement of disbursements (money out): all payments made—bills paid, funeral costs, mortgage payments, repairs, professional fees (attorney, appraiser, accountant), fiduciary commissions, bond premiums, taxes paid, distributions to beneficiaries. Attach invoices, cancelled checks, receipts, and vendor statements.
• Reconciliation and ending asset schedule: show how opening assets plus receipts minus disbursements equals closing assets. Attach bank statements and reconciled checkbook or ledger that supports ending balances.
• Supporting source documents: bank statements for the full period, cancelled checks or electronic payment records, brokerage statements, settlement statements for real estate transactions, paid bills, vendor invoices, and receipts.
• Appraisals and valuations: if the accounting lists property valued by appraisal (commonly real estate, antiques, jewelry, and business interests), attach the appraisal reports or valuation statements. If the estate sold assets, attach closing statements.
• Tax documents: copies of estate income tax returns (Form 1041 and corresponding Maine returns) and, where applicable, any estate tax filings or receipts. If taxes were paid during the period, show the payment records.
• Bond and insurance records: if the fiduciary is bonded or insurance policies are part of the administration, attach proof of bond and premiums paid or the policies themselves when relevant to accounting entries.
• Oath/verification: most accountings must be sworn or verified by the fiduciary under penalty of perjury and filed with the court.

Additional items commonly required for final accountings

A final accounting must close the administration. In addition to all items above, include:

• Proof of notice: documentation that the fiduciary gave required notices to beneficiaries and creditors when filing the final account or petition for settlement.
• Schedule of distributions: a clear statement showing how remaining estate assets were distributed, by dollar amount and to whom; include copies of checks, receipts, or signed releases from beneficiaries.
• Receipts and releases from beneficiaries: signed receipts acknowledging they received their distributions, or written releases where beneficiaries accept the accounting and discharge the fiduciary.
• Creditor ledger: record of any claims received, allowed, paid, or rejected and proof of notice to creditors per Maine procedures.
• Final petition or application for discharge: a document asking the court to allow the final account, approve fees and commissions, and discharge the fiduciary from further liability once distributions are complete.
• Proposed court order or decree: many courts prefer that fiduciaries submit a proposed judgment or order approving the final account and closing the estate.

How to present documents—best practices

• Organize evidence by category (bank records, disbursements, receipts) and date. Use a simple numbering system.
• Provide a short narrative or ledger that explains each category and ties individual receipts/payments to ledger entries.
• Staple or bind copies of supporting documents in the same order you reference them in the accounting. Courts prefer that you file legible copies, not originals unless the court requests originals.
• If you rely on appraisals, explain the valuation method and attach the appraiser’s credentials and signed appraisal.
• Keep electronic copies (PDF) and be ready to provide them to interested persons; some courts accept electronic filings or require email copies to participants.

Where to find Maine rules, forms, and local instructions

Maine’s probate practice and local courts provide forms and guidance for inventories and accountings. Start with the Maine Judicial Branch probate pages and the probate clerk for the county where the estate is administered. Official resources and local forms are available at the Maine Judicial Branch: https://www.courts.maine.gov/. For statutory text consult the Maine Legislature’s website for probate and fiduciary law: https://legislature.maine.gov/.

Example (hypothetical)

Hypothetical: An executor files an annual accounting for Year 2 of administration. The filing package should include the Year 1 ending balances (bank A: $10,000; brokerage B: $25,000), Year 2 receipts (rental income $6,000; dividends $1,200; sale of household items $800), Year 2 disbursements (funeral $7,500; home repairs $2,100; attorney fees $2,000), bank statements for the 12 months, cancelled checks showing each payment, the appraisal for a piece of personal property listed at $3,500, and a reconciled ledger showing that after receipts and payments the estate balance equals the bank and brokerage statements. If the executor seeks to close the estate, the final package would also show distributions to beneficiaries with signed receipts and a petition to close the estate.

Helpful Hints

• Start record-keeping at the beginning of administration. Good bookkeeping avoids disputes.
• Use a dedicated estate bank account; do not commingle personal and estate funds.
• Keep originals of wills, letters, and court orders; file copies of supporting financial documents with each accounting submission.
• When in doubt, attach documents rather than omit them—transparency reduces challenges.
• Ask the probate clerk early whether a local form is required for accountings and whether the court accepts electronic filings.
• Retain receipts, appraisals, and tax returns for several years after closing in case of later claim or audit.
• If beneficiaries contest an accounting, consider mediation or consult an attorney experienced in Maine probate practice.