Executor/Administrator Requirements (Bond, Inventory and Returns)
The Petitioner has been appointed by the Court as Executor or Administrator of the Estate but has ordered (a Bond, Inventory, and Annual Returns) accounting for the assets of the Estate.
C) An Inventory is required within the first 4 months of your appointment. You must also file every year thereafter, due on the on anniversary date of your appointment. This is a list of the estate assets such as (house, jewelry, furnishings, cars, boats etc.) and how much the assets are worth. Some Executors/ Administrators use an appraiser to determine the value of the estate. This is a one page report and there is no charge.
D) Annual Returns are due 60 days from your anniversary date of your appointment. You must also file an Annual Return every year thereafter during the duration of your appointment. These reports require complete and accurate itemized records of all monies coming in and all expenditures made on behalf of the Estate or heirs. You must save all receipts and proof of expenditures. These reports must be filed when due or you may not be entitled to commission. You must pay the Initial Filing Fees upon filing the Annual Return.
The documents above must be filed and any filing fees applicable must be paid upon filing. If everything in the documents looks complete and accurate, they are submitted for approval by the Judge.
You will find all of these reports in the package given to you at the Hearing. You can make copies of the forms from the package for future use, or you may pick up additional ones up at the Court. If a Bond is required you can get these from local insurance companies. A Bond is a type of insurance to protect the Wards assets and a yearly fee is paid to the Bonding Company.