Accounts of Executors and Administrators
After the last will is allowed, the next phase of the probate process is the administration of the estate. During this period, the executor or administrator marshals all estate assets, pays all bills, and finally distributes the bequests and residue to the beneficiaries of the will. At the end of the process, the executor or administer must file an account that is approved by the Probate Court and the beneficiaries.
Beneficiaries have the right to review the accounts of the executor or administrator to determine that all income is accounted for, expenses are proper, and the beneficiaries have received what was due to them under the terms of the last will and testament (or under state law in case of intestacy – dying without a last will). A common dispute during administration is the distribution of family heirlooms. Another frequent dispute involves who should own the family home, and at what price. These can be an issue well suited to resolving in family mediation.
Family mediation is a voluntary process that beneficiaries and executors and administrators can use to resolve disputes about the propriety of accounts and respond to objections by heirs. The family mediator can conduct meetings, facilitate the discussion, help address misunderstandings, and work the parties to craft resolutions that can avoid litigation.
If you are considering estate mediation, and would like to speak with a MCFM mediator, search our database for estate and probate mediators specializing in Estate Planning Mediation within the Commonwealth of Massachusetts.
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