When we assist personal representatives in probates, we are often asked about taxes and tax filing requirements associated with probate. This post explains the possible tax filings that might be required as part of a probate process. When we represent clients in probates or trust settlements, we will work through these issues and give specific recommendations on each.
Understanding Probate Accountings
Our office routinely assists personal representatives in probate matters. We also assist trustees in settling revocable trusts. This post explains the financial reporting involved in those matters, and how we help our clients handle their responsibilities appropriately.
To keep this article simple, we discuss a probate process, in which the decedent leaves an estate, and the administrator is called a personal representative. When the decedent uses a revocable trust as their planning tool, the decedent leaves a trust, and the administrator is called a trustee, but the same reporting rules apply.