(a) FILING. (1)In General. The following fiduciaries must prepare and file an account: (A) a supervised personal representative;(B) a special administrator;(D) a guardian of a minor; and(E) a trustee of a trust under continuing supervision of the court.(2)Timing. The time for filing an account is specified in the chapter of the probate rules applicable to each fiduciary.(3)Court Order. The court may order a fiduciary to file a special account at any time the court determines is reasonable and necessary.(b) FORMAT. (1) Form of Account. (A)Filed Account. An account that is filed with the court must be typed or electronically printed on the form maintained by the Register of Wills or a form that is substantially similar in content and format to that form.(B)Unsupervised Personal Representative. An unsupervised personal representative of a decedent's estate may use a format that clearly sets out the assets listed on the personal representative's inventory, receipts, disbursements, and the distribution of estate assets.(2)Verification. An account must be verified in the manner described in Rule 103(c).(3)Notice of Right to File Objection. An account must be accompanied by a notice of the right of an interested person, protected person, custodian of a minor, trust beneficiary, and other party or interested person to file an objection to the inventory or account. The notice must be in the form maintained by the Register of Wills or a form that is substantially similar in content and format to that form.(4)Certificate of Service. An account must include a certificate of service. If the account is filed with the court, the certificate of service must state that the account was mailed or delivered within 15 days after the date of filing.(5)Privacy Requirements. If an account filed with the court includes a financial account number, the fiduciary must comply with Rule 109 and must file, together with the account, the separate form required by Rule 109.(c) CONTENTS OF ACCOUNT. (1)Initial and Interim Account. A fiduciary's account must contain: (A) for an initial account, the total value of the assets as shown in all inventories made prior to the date of the account;(B) for an interim account after the initial account, the assets shown at the end of the period of the preceding account;(C) all receipts during the period of the account and, for a decedent's estate administration, from the date of death of the decedent;(D) each purchase, sale, lease, transfer, compromise, settlement, or other disposition of any non-cash asset;(E) each disbursement for an expense of administration of the estate or trust;(F) each payment of a claim or debt of the decedent, the estate, or the ward;(G) each distribution to or for the benefit of an heir, legatee, protected person, minor, or beneficiary; and(H) the remaining assets, if any, in the possession or control of the fiduciary.(2)Final Account. In addition to the requirements for initial and interim accounts, a fiduciary's final account must include:(A) a statement that all claims have been paid or rejected;(B) a statement that there are no unsettled liabilities or the identity of any liabilities that remain as of date the fiduciary's appointment terminates; and(C) the proposed distribution of the remaining assets in the possession or control of the fiduciary.(d) ASSETS WITHOUT VALUE OR NO ASSETS. If, during the accounting period, an asset of which the fiduciary has control or has the right to possess cannot be readily valued or there were no assets collected by the fiduciary, the fiduciary must file either: (1) an account showing no assets; or(2) a statement, verified in the manner described in Rule 103(c), indicating that an asset cannot be readily valued or that the fiduciary has collected no assets.(e) AUDIT OF ACCOUNT (1)Requirements for Account Subject to Audit. Together with the account, the fiduciary must file copies of:(A) all statements or similar documents issued by a bank, trust company, savings and loan association, brokerage firm, mutual fund or similar institution, or the U.S. Treasury, which show the assets of the estate on deposit or on account and the transactions in such assets during the accounting period;(B) all checks, settlement statements, receipts, or other documents, which show receipt of income or assets during the accounting period;(C) all documents that show the sale or other disposition of any asset during the accounting period;(D) all checks, vouchers, statements of account, or other documents, which show the cash transactions during the accounting period; and(E) all income tax returns and other required tax filings due during the accounting period, or include in the account a statement that no income tax filing is required.(2)Cursory Review of Account: Supervised Personal Representative. If waivers of formal audit of an account of a supervised personal representative are filed by all heirs or legatees, the personal representative must state on the face of the account that the account is subject to cursory review, and must file copies of: (A) all statements or similar documents issued by a bank, trust company, savings and loan association, brokerage firm, mutual fund, or similar institution, or the U.S. Treasury, which show the assets of the estate on deposit or on account and the transactions in such assets during the accounting; and(B) all checks, vouchers, statements of account, or other documents, which show funeral expenses and all other disbursements in excess of $1,000.00 claimed in the account.(f) WAIVER OF AUDIT OF ACCOUNT. (1)Decedent's Estate. The formal audit of an account of a supervised personal representative must be excused if, after service of the account and the notice required by this rule, all heirs or legatees of a decedent's estate file a written waiver of audit and consent to the account in the form maintained by the Register of Wills or a form substantially similar in content and format to that form. If all heirs or legatees waive the formal audit of an account, the court will conduct a cursory review as provided in Rule 113(e)(2).(2)Guardianship of a Minor. The audit of a final account of a guardian of a minor who has reached age 18 may be excused if, after service on the former minor of the account and the notice of right to object to the final account, the former minor files a written waiver of audit and consent to the account in the form maintained by the Register of Wills or a form substantially similar in content and format to that form.(3)Court-Supervised Trust. The audit of an account of a trustee of a court-supervised trust must be excused if, after service of the account and the notice required by this rule, all qualified beneficiaries of a court-supervised trust file a written waiver of audit and consent to the account in the form maintained by the Register of Wills or a form substantially similar in content and format to that form.(4)Receipt of Full Distribution. A receipt signed by an heir, legatee, or beneficiary of a trust which acknowledges full payment of that person's interest in the estate or trust has the same effect as a waiver of audit and consent to the fiduciary's account.(5)Incapacitated Beneficiary or Interested Person. (A) An interested person in a decedent's estate, minor who has reached age 18, or beneficiary of a trust who is incapacitated may not waive audit of and consent to a fiduciary's account.(B) A representative of an incapacitated interested person or beneficiary may, on behalf of the incapacitated person, waive audit of and consent to a fiduciary's account, or may execute a receipt of full distribution of the incapacitated person's or beneficiary's interest in the estate or trust, if the representative is authorized to do so either by the law governing that representative or the instrument (such as a power of attorney) appointing that representative.(6) Effect of Waiver of Audit and Consent to Account. (A)In General. A waiver of audit of and consent to a fiduciary's account constitutes a waiver of the interested person's or beneficiary's right to object to the account.(B)Decedent's Estate - Final Account. An heir or legatee who has signed a waiver of formal audit may require a formal audit by filing a written demand within 20 days after the approval of the supervised personal representative's final account.Adopted by Order dated March 4, 2022, effective 8/22/2022.COMMENT
Other chapters of the probate rules include provisions specifically applicable to accounts for that case type. Additionally, the Uniform Fiduciary Accounting Principles and accompanying commentaries and illustrations recommended by the Committee on National Fiduciary Accounting standards in collaboration with the National Center for State Courts are approved as an elaboration of the requirements of this rule. Reference may be made to them for determination of the adequacy of a particular account.