14. Accounting:
Indiana law requires the estate to be closed within one (1) year of your appointment as personal representative. Before the estate can be closed, you must file with the Court a final accounting of your actions as personal representative.
A. Have your attorney file your final accounting, consisting of three (3) schedules, after the administration of the estate has been completed.
B. The first schedule must include all assets listed on the inventory, any income and additional assets obtained during administration, and any adjustments to the inventory.
C. The second schedule must be an itemized list of expenditures. Documentation for each expense shall include: (a) the payee; (b) check number or other identifying number on the instrument; (c) the amount disbursed; and (d) if the reason for disbursement is not apparent from the description of the payee, a description of the reason for the disbursement sufficient to substantiate the reason for the disbursement as part of the administration of the estate. Cancelled checks or facsimile copies of paid checks for each expenditure must be attached as evidence of payment, or in the alternative, an Affidavit in Lieu of Vouchers must be filed.
D. The third schedule must be a recapitulation indicating the remaining estate property after subtracting expenditures. A proposed distribution must be furnished to all interested parties, including beneficiaries of the estate.
15. After the Court approves your final account, make distribution to the proper people and file a supplemental report with the Court, attaching receipts, or in the alternative, an Affidavit in Lieu of Vouchers must be filed.
16. Notify the Court and your attorney of any change in your address or telephone number.
17. NEVER pay yourself or your attorney any fees from the assets of the estate without a prior Court Order, unless your attorney confirms to you that the law or local court rules allow you to reimburse yourself from estate assets for necessary expenses that you previously paid with your personal funds.
18. Keep a record of the time you spend working on the estate. You are entitled to a reasonable fee, unless you waive a fee.
19. Always contact your attorney for advice if you are unsure as to any act as personal representative. Have your attorney counsel you in relation to the estate and explain anything that you do not fully understand.
20. Do not sell an estate asset without prior Court Order unless the Will, in very specific terms, authorizes sale without court order. Consult your attorney about this.