Probates require an accounting. To close an estate, the court requires the filing of a Petition for Final Distribution. The accounting is attached to the Petition for final distribution and details all monies and other items received, and all funds paid out, by the Personal Representative during the probate administration. As you can imagine, this is a very tedious task. The accounting, however, can be waived by having all people entitled to receive property from the estate sign a written waiver of accounting. Preparing an accounting is time-consuming, expensive and unnecessary when all the beneficiaries are agreeable. As you can see, the waiver of accounting dramatically simplifies the closing of the estate.
ProbatebyME requires that all beneficiaries and heirs sign a waiver of accounting in probate cases we administer.