When a personal representative must account
A California personal representative (executor or administrator) accounts to the probate court, not just to the heirs. The main triggers are:
- Closing the estate. When the estate is in a condition to be closed, the personal representative files a final account with the petition for final distribution (Prob. Code §10951, §11640).
- Court order. The court can order an account at any time, and must order one on the petition of an interested person made more than a year after letters issued or after the last account was filed (§10950).
- Leaving office. A personal representative who resigns, is removed or whose authority otherwise ends must file an account within 60 days, unless the court extends the time (§10952).
Separately, the personal representative must petition for final distribution or report on the status of administration within one year after letters issue, or 18 months if a federal estate tax return is required (§12200).
When the account can be waived
No account is required if, for each person entitled to distribution, the person has filed a written waiver of account or acknowledgment that their interest has been satisfied, or adequate provision has been made to satisfy it in full (§10954). The second option isn't available for residuary beneficiaries or for gifts subject to abatement, expenses or interest. A waiver for a minor or conservatee is signed by the person authorized to act for them.
What the account contains
An estate account has two parts: a financial statement and a report of administration (§10900). The financial statement follows the general rules for all fiduciary accounts:
- The summary (§1061) shows charges (property on hand at the beginning, or the inventories; additional property received; receipts; gains on sales; net income from a trade or business) and credits (disbursements; losses on sales; net loss from a trade or business; distributions; property on hand at the end). Total charges must equal total credits.
- Supporting schedules (§1062) itemize each summary line.
- Additional schedules (§1063) where they apply: market value of assets on hand, changes in the form of assets, a principal and income allocation if the estate goes to an income beneficiary, specifically devised property, interest on gifts, the proposed distribution and liabilities at the end of the period.
For a first account in an estate, "property on hand at the beginning" is the inventory and appraisal value, which is why the summary line can read "Inventories".
The report of administration
The petition or the report that goes with it must describe transactions that the schedules don't make clear, explain unusual items, disclose compensation paid to the fiduciary or attorneys without a prior court order, disclose family or affiliate relationships with agents, and say whether all cash was kept invested (§1064). For estates, the statement of liabilities must also say whether notice to creditors was given, list the creditor claims filed and the action taken on each, and identify claims still unpaid (§10900(b)).
Statutory compensation
The final account usually comes with a request for the personal representative's and the attorney's statutory compensation. For ordinary services, compensation is a percentage of the estate accounted for: 4% of the first $100,000, 3% of the next $100,000, 2% of the next $800,000, 1% of the next $9 million and 0.5% of the next $15 million, with a reasonable amount set by the court above $25 million (§10800). The base is inventory value plus gains on sales and receipts, less losses, without deducting encumbrances. The California format page has worked examples.
Frequently asked questions
Is there a Judicial Council form for estate accounts?
No. The Judicial Council forms (GC-400 and GC-405) are for conservatorships and guardianships. Estate accounts follow the statutory format in §§1060–1064 and §10900.
Is the estate account the same as a trust account?
The financial statement is the same §1061 summary. A trustee's account goes to beneficiaries under §16062 rather than to the court; see the California trust accounting guide.
Who verifies the account?
The personal representative. A verified filing counts as a signature (§1020).
Summafolio for California estates
Summafolio builds the §1061 summary and supporting schedules from the estate's statements, ties the account out to the cent and computes statutory compensation. The sample California trust account shows the same §1061 summary and schedules; download the estate accounting template or check pricing. The attorney prepares the petition and report of administration.