answersLogoWhite

0


Best Answer

I am very sorry about your parent's passing. Usually the bank statements are sent to the Executor (male) or Executrix (female) that was named in the Will. It's obvious that one or more of you were Power of Attorney over your parent while she/he was living so yes, you should have done simple bookkeeping as to what is spent on your parent's medical care, hospital stay, possibly the cost of staying in a nursing home, etc. It really isn't the law, but just good business sense so there isn't any second-guessing amongst Heirs in the Will. My mother passed away 2 years ago. When she was in the nursing home my brother was Power of Attorney. His duties were to pay all the bills such as medical expenses, etc. He had the right to sell her condo and the money from the sale went into her account. I was an Heir and I had the right to ask to see the transactions of ALL that went on while my mother was still living. I didn't of course because I trusted my brother. Sometimes when there is a disbute in the family, the lawyer, before dispursing the money can show exactly where the money went. Probate also usually takes care of all your problems. An Executor/Executrix HAS TO ACCOUNT for all monies spent while that person was living right down to the funeral costs. Probate makes sure that all creditors (including personal/property taxes) are paid in full and what is left in the Estate (Residue) is disbursed amongst the Heirs. Marcy

User Avatar

Wiki User

โˆ™ 2006-04-18 19:52:05
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar

Add your answer:

Earn +20 pts
Q: Bank statements sent to heirs prior to disbursing estate should accounting of cash taken from account when parent was in or near coma before death be included and accounting of what was retreived?
Write your answer...
Submit
Related questions

Which accounting principle requires that transaction should be recorded in the period they occurred?

There is no one accounting principle that requires that a transaction be recorded in the period it occurs (commonly referred to as accrual basis accounting). There is a conceptual statement that the Financial Accounting Standard Board has issued with regard to the use of accrual accounting. The Financial Accounting Standards Board has issued STATEMENT OF FINANCIAL ACCOUNTING CONCEPTS NO. 6: ELEMENTS OF FINANCIAL STATEMENTS which states in paragraph 134: Items that qualify under the definitions of elements of financial statements and that meet criteria for recognition and measurement are accounted for and included in financial statements by the use of accrual accounting procedures. The basis of accounting, whether cash basis or accrual, should be disclosed in the notes to the financial statements so that the financial statement reader is aware which method of accounting is in use. Generally accepted accounting principles (GAAP) does require the accrual basis of accounting; nevertheless, businesses can present their financial statements on a cash basis as long as proper disclosures are made. The financial statement opinion rendered by the external audit firm would also disclose that the cash basis of accounting is being used.


What procedures are usually included in a typical payroll accounting?

Describe the procedures that are usually included in a typical payroll accounting system?


Are dividends included on Profit and Loss Statements?

no


What is the accounting treatment of deposit in closed bank?

it is not included since the bank is already closed


What information is included in the report to Congress drawn up by the director of the Office of Management and Budget?

his report analyzes the status of financial management in the executive branch; summarizes agency financial statements, audits, and audits reports; and reviews reports on internal accounting and administrative controls


Which of these statements could be included in a character sketch of Anna in Service?

She has a difficult relationship with her manager


Income tax in projected statements?

Technically, for full GAAP projected statements, it should be. Although you can very easily omit the tax disclosure from the statements as long as it is included to some extent in the footnotes, or mentioned in the compilation report.


Why do people request an Accounting from an Estate Account?

They want to know what property was included in the estate and where it went.


Which information is included in a cardholder account profile?

Demographic, accounting code, and general account information


What are the major financial statements?

The three major financial statements that are generally included in a company's annual reports are:Balance SheetIncome StatementStatement of Cash Flows


Are cheques included in cash flow statement?

Yes, cheques are included in cash flow statements. Currency and coins are counted as well when balancing accounts receivable.


What are the top positions in the accounting field?

At the "executive, administrative, and managerial" occupational level, accountants and auditors are included.


Which of the following statements about the canon is incorrect?

All people agree on every work included in a canon of literature.


What information is not usually included in a position statement?

Position statements usually don't include predictions for the future


Which of the statements are true about limited data sets?

Which of the following statements is true regarding the maximum ranges of the data sets above?


What is the difference between abridged financial statements and detailed financial statements?

"Abridged" is more condensed, while "detailed" is just as it implies - detailed, with all financial details, facts and figures included.


The 14th Amendment to the Constitution included which of the following statements?

"All persons born or naturalalized in the United States . . . are citizens"


What statements would be included in a biographical sketch of John Jay?

he was the first chief justice of the U.S. supreme court


Which of these statements could be included in a character sketch of Nancy in Service?

She upholds the highest quality service at all times.


What is meant by completeness in Accounting?

Completeness means that all the information that is needed to faithfully represent economic reality must be included.


Which of these statements would be included on a personal resume of Geraldine Ferraro?

She was the first female vice-presidential candidate in U.S. history.


With respect to prepaid income from services is the treatment of prepaid income the same for tax and financial accounting?

No - for financial accounting it is treated as deffered income (included in income when earned) and for tax perposes it is income in the year received.


What are some important features in construction accounting software?

Some features included in construction accounting software includes keeping track of all debits and credits and keeping total cost for all expenses such as tools, that can be refundable.


Which of the following statements were included in the Crittenden Compromise of 1860?

No future amendments against slavery were allowed. Congress was not allowed to interfere with slavery.


What statements would not be included in a biographical sketch of George HW Bush?

He served as vice president during the administration of John Adams.