§ 1051. Inventory Within 60 days after appointment, an executor or administrator, who is not a special administrator or a successor to another representative who has previously discharged this duty, shall prepare an inventory of property owned by the decedent at the time of death, listing it with reasonable detail, and indicating as to each […]
§ 1052. Appraisers The executor or administrator may employ one or more qualified and disinterested appraisers to assist in ascertaining the fair market value as of the date of the decedent’s death of any assets the value of which may be subject to reasonable doubt. The names and addresses of any appraisers shall be indicated […]
§ 1053. Supplemental inventory (a) If the executor or administrator learns of the existence of any property not included in the original inventory or learns that the value or description indicated in the original inventory for any item is erroneous or misleading, the executor or administrator shall: (1) make a supplementary inventory or appraisal showing […]
§ 1054. Assets not inventoried Wearing apparel of the deceased or any other member of the household, and provisions and other articles to be consumed or used in the subsistence of the household, shall not be considered as assets of the estate unless, after hearing upon motion, the court finds that an item has intrinsic […]
§ 1055. Accounts of executors and administrators; time of rendering; examination An executor or administrator shall render an account of his or her administration within one year from the time of receiving letters testamentary or of administration, and annually thereafter, or otherwise as ordered by the Probate Division of Superior Court until the estate is […]
§ 1056. Liability on bond for neglect When an executor or administrator, being duly cited by the Probate Division of the Superior Court, neglects to render a required account, the fiduciary shall be liable on the fiduciary’s bond for the damages which accrue. (Amended 2009, No. 154 (Adj. Sess.), § 238a, eff. Feb. 1, 2011; […]
§ 1057. For what to account The accounting of the executor or administrator shall: (1) be done on a cash basis; (2) include the balance at the beginning of the period covered by the accounting, all receipts, all payments, and the balance at the end of the period covered by the accounting; and (3) be […]
§ 1058. Not to gain or lose by increase or decrease in value An executor or administrator shall not profit by the increase, nor suffer loss by the decrease or destruction, without the fiduciary’s fault, of any part of the estate. The executor or administrator shall account for any gain or loss incurred when any […]
§ 1061. When not accountable for debts due An executor or administrator shall not be accountable for debts due the deceased if it appears that they remain uncollected without his or her fault. (Amended 2017, No. 195 (Adj. Sess.), § 6.)
§ 1062. Use by executor or administrator If an executor or administrator uses or occupies any asset of the estate, the executor or administrator shall account for the use or occupancy upon agreement of the interested parties. If the parties do not agree upon the amount to be allowed, the court shall determine the proper […]
§ 1063. Accountable for losses by neglect When an executor or administrator neglects or unreasonably delays to raise money by collecting the debts or selling the real or personal estate of the deceased, or neglects to pay over the money the fiduciary has in his or her hands, and the value of the estate is […]
§ 1064. Costs to be allowed The amount paid by an executor or administrator for costs awarded against him or her shall be allowed in the fiduciary account, unless it appears that the action or proceeding in which the costs are taxed was prosecuted or resisted without just cause. (Amended 2017, No. 195 (Adj. Sess.), […]
§ 1065. Fees and expenses An executor or administrator shall be allowed necessary expenses in the care, management, and settlement of the estate and reasonable fees for services. When, by will, the deceased makes some other provisions for compensation to the executor, that shall be a full satisfaction for his or her services, unless, by […]
§ 1066. Verification; right of heir to be examined An accounting that is consented to by all interested parties shall be allowed without hearing unless the Probate Division of the Superior Court sets a hearing upon the accounting. At the hearing, the executor or administrator may be examined under oath by the court or interested […]
§ 1067. Notice of accounting Before an administration account of an executor or administrator is allowed, notice shall be given as provided by the Rules of Probate Procedure. (Amended 1975, No. 240 (Adj. Sess.), § 4; 1985, No. 144 (Adj. Sess.), § 56.)
§ 1068. Surety may intervene and appeal Upon the settlement of the account of an executor, administrator, or other person, a person liable as surety in respect to the account, upon motion, may intervene as a party and may appeal as provided in other cases of appeals from the decision of the Probate Division of […]
§ 1069. Waiver of final accounting If an estate has been open for at least six months and the remaining assets include no real estate, a final accounting may be waived if the executor or administrator files with the court: (1) the fiduciary’s verified representation that all claims and all other obligations of the estate […]
