Detailed Answer — What to include in annual and final probate accountings under Utah law
Short answer: For both annual (interim) and final probate accountings in Utah, a personal representative (executor/administrator) must prepare a clear, dated, and verified accounting that shows all receipts, disbursements, assets on hand, distributions to beneficiaries, and supporting source documents. The final accounting must also show how remaining estate property was distributed and that estate debts and taxes were paid or provided for.
This article explains what those accountings usually contain, how to organize the supporting financial records, and the steps commonly required by Utah courts and court clerks. This is educational only and is not legal advice.
What an accounting is
An accounting is a financial report prepared by a fiduciary (a personal representative, guardian or trustee) that explains how the fiduciary handled estate property. Accountings let the court and beneficiaries confirm the fiduciary fulfilled duties to preserve assets, pay valid debts and taxes, and distribute property according to the will or statute.
Core components required in annual (interim) and final probate accountings
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Caption and verification
Start with a court-style caption showing the county, estate name, and case number. The accounting must be signed and sworn or verified by the fiduciary (or the fiduciary’s attorney) under penalty of perjury.
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Accounting period
State the exact dates covered (start and end). For an annual accounting, the period will usually be one year; the final accounting covers from the last accounting to the date of closing—or from appointment to closing if it is the only accounting.
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Beginning inventory and value
List assets on hand at the start of the period and their values. For a final accounting, show the original inventory and any changes during administration. Attach or reference the initial filed inventory if one was previously submitted to the court.
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Receipts
List every receipt of money or property during the accounting period with dates, sources, descriptions, and amounts. Typical receipts: sale proceeds, bank interest, dividends, rent, refunds, life insurance or retirement proceeds payable to the estate, and loan repayments.
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Disbursements and expenses
List every distribution or payment by the fiduciary with date, payee, purpose, and amount. Typical items: funeral expenses, estate administration expenses, attorney and accounting fees (if approved), appraisal fees, creditor payments, mortgage or lien payments, taxes, and ordinary maintenance costs.
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Transactions supporting documents
Attach or be ready to produce supporting documents for major entries: bank statements, cancelled checks, receipts, invoices, paid bills, closing statements for sales, and settlement statements for asset transfers. The court or beneficiaries commonly request copies of bank statements and a ledger supporting each line item.
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Account ledger / running cash account
Provide a running cash account or ledger showing opening cash balance, additions (receipts), subtractions (disbursements), and closing balance. This is often a one- or two-page table that clarifies cash flow.
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Assets on hand at end of period
Describe and value all estate property the fiduciary still holds at the accounting date: bank accounts (with account numbers redacted except last four digits), investment accounts, real property (with valuations), personal property, and outstanding receivables.
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Distributions and proposed distributions
For final accountings, list each beneficiary, show amounts or property distributed to each, and attach or describe deeds, transfers, or assignments. If distributions are proposed but not yet completed, explain timing and method to complete them.
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Claims, debts, taxes and reserves
Explain how creditor claims were handled (allowed, disputed, or paid) and show income, estate, and inheritance tax payments or reserves. Courts want to see either receipts showing payment or a reasonable reserve for anticipated liabilities before final distribution.
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Attorney fees and fiduciary compensation
List all attorney fees, accountant fees, and fiduciary compensation requested or paid. Describe the basis for each fee and include fee agreements if available. Utah courts will review and approve fees; include documentation to justify them.
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Accounting format and schedule
Use a clear, itemized format (dates, descriptions, amounts, running totals), often provided by local court forms or recommended templates. Attach schedules for complex categories (e.g., separate schedule for each bank account or sale transaction).
Supporting documents you should attach or have available
- Initial inventory and appraisals (if previously filed)
- Bank statements covering the accounting period
- Copies of cancelled checks or electronic payment confirmations
- Receipts and invoices for estate expenses
- Sale closing statements and settlement sheets
- Receipts showing creditor and tax payments
- Copies of any contracts, leases, or loan documents entered into by the fiduciary
- Copies of distributions (deeds, titles, transfer documents, release forms)
Procedural matters — how accountings typically get filed and reviewed in Utah
Procedures vary by county, but common steps include:
- Prepare and file the accounting with the probate court clerk; follow local formatting and filing rules. Many Utah courts have local probate forms and filing checklists.
- Serve a copy of the accounting on interested persons (heirs, beneficiaries, creditors as required). Utah practice requires notice so beneficiaries can object.
- If no objections arise, the court signs an order approving the accounting; for the final accounting this order allows distribution and closes the estate.
- If someone objects, the court sets a hearing. The fiduciary must provide full records and testify if necessary.
Example (hypothetical, simplified)
Suppose a decedent’s estate began with $50,000 in bank accounts and a $200,000 home. During the year the representative received $2,000 in dividends, sold the home for $210,000 (after $10,000 selling expenses), paid $20,000 in medical bills, $5,000 in funeral costs, and $15,000 in administration expenses (including attorney fees). The annual accounting should show:
- Opening balances: $50,000 cash and home valued at $200,000.
- Receipts: $2,000 dividends + $210,000 sale proceeds.
- Disbursements: itemized payments for medical bills, funeral, selling expenses, taxes, fees, creditor payments.
- Closing assets: final cash on hand after payments and any assets left to distribute.
- Supporting docs: bank statements, sale closing statement, paid receipts, invoices, and cancelled checks.
Relevant Utah resources
Utah law governing probate and fiduciary duties is found in the Utah Code (Title 75). Utah courts provide probate guides and local forms that explain filing and service requirements. Helpful starting places:
- Utah Code – Title 75 (Estates and Protected Individuals): https://le.utah.gov/xcode/Title75/75.html
- Utah Courts probate information and forms: https://www.utcourts.gov/howto/probate/
Note: Local county probate procedures and forms may add specific requirements (for example, a local accounting form or particular verification wording). Always check the probate clerk’s office in the county where the estate is filed.
Disclaimer: This information is educational only and is not legal advice. It does not create an attorney-client relationship. For help preparing or reviewing an accounting tailored to your estate and county practice, consult a licensed Utah attorney.
Helpful Hints
- Keep organized records from day one: maintain a separate estate bank account and a ledger for every transaction.
- Save all bank statements, cancelled checks or e-payments, invoices and receipts—courts expect documented proof.
- Use a clear, dated ledger that shows opening balance, receipts, disbursements, and closing balance for each account.
- Redact sensitive account numbers except the last four digits when attaching bank records for filing.
- Check local county probate forms and instructions before filing; some counties require a specific accounting form or index of exhibits.
- If you expect disputed claims or tax liability, ask the court for guidance or establish a reserve before making final distributions.
- When in doubt about valuation, obtain appraisals or professional valuations for real estate and valuable personal property.
- Consult a Utah probate attorney early if the estate has complex assets, potential contests, unresolved creditor claims, or tax issues.