If I request a formal accounting of an estate, are there extra costs involved and who pays those costs?

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If I request a formal accounting of an estate, are there extra costs involved and who pays those costs?

I have some issues with the inheritance tax filed. A POD is listed on the main part of the document rather than on Schedule G. The POD was a mutual fund IRA held by my mother who passed. The funds went directly to the beneficiaries and did not pass through the estate.

Asked on July 20, 2012 under Estate Planning, Pennsylvania

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Under the laws of all states in this country, a "payable upon death" account (POD) is not part of the assets of an estate and is not to be included in it.

As to the costs for an accounting, if the Will of the deceased is being probated, there will be an accounting submitted to the court and served upon all beneficiaries by the estate's attorney as a matter of course subject to court approval and any objection by a beneficiary. This would be your opportunity to make any objection that you may wish. Such costs for the accounting are part of the fee of the estate's attorney typically on a percentage basis based upon the size of the estate being probated.

I suggest that you may wish to consult further with a Wills and trust attorney as to any additional questions that you might have as to your matter.


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