Q: Court notes regarding Petition for Final Distribution say: *court in San Joaquin
"Even with a waiver of account, information is required regarding any sales or changes in assets and to specifically state the assets on hand for distribution. CRC 7.550, 7.651."
1) I had a section titled: SCHEDULE OF PURCHASES OR OTHER CHANGES IN FORM OF ASSETS summarizing information (stocks A&B valued at $_ in I&A were sold and their total value of $_ was transferred to estate account)
1A) I've read somewhere how "CA apparently still requires a Summary of Account" even if waivers are filed. If this is so, can I simply use a sample like this: https://santaclara.courts.ca.gov/system/files/sample_summary_of_account_0.pdf
Would I still need to include detailed schedules for receipts and disbursements or are just the totals sufficient because of the accounting waivers?
2) All assets on hand were stated in PROPOSED DISTRIBUTION OF ESTATE
2B) Should there have been a section called "Assets on Hand" before "Proposed Distribution" section?
Thank you!
A:
Under California law, even with waivers of account, you need to provide information regarding any sales or changes in assets, and specifically state the assets on hand for distribution. This requirement ensures transparency and accuracy in the final distribution of the estate, in accordance with CRC 7.550 and 7.651.
You can use a sample summary of account, like the one from the Santa Clara Courts, as a guideline. However, even if waivers are filed, you still need to include detailed schedules for receipts and disbursements, not just the totals. This detailed information is necessary to comply with the court's requirement for a comprehensive summary of account.
It is important to include a section titled "Assets on Hand" before the "Proposed Distribution" section. This helps clearly differentiate between the current estate assets and the proposed plan for their distribution. Ensuring this clarity in your documentation will likely satisfy the court's requirements and facilitate the approval of your Petition for Final Distribution.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
