If executors are not properly communicating with beneficiaries, beneficiaries may be wondering: Does an executor have to show accounting to beneficiaries?
Yes, executors do generally have to show accounting to beneficiaries once a year for every year the estate stays open. That said, beneficiaries can waive their right to accountings to relieve executors of this obligation.
Why would beneficiaries wish to waive their right to an accounting? Accountings take time for the executor to prepare — time for which they can charge the estate. In the same vein, preparing accountings often requires the executor to enlist the help of third-party professionals, such as probate attorneys or CPAs. This also will cost the estate.
Beneficiaries waiving their right to accountings, therefore, can save the estate considerable money, which could potentially result in larger inheritances for them.
Administrators also are required to show heirs an accounting at least once a year for every year the estate remains open, though heirs also can waive their right to an accounting.
