An intermediate account is a financial report submitted by an executor, administrator, or guardian. This account is filed after their initial account and before the final one. Its purpose is to disclose the actions taken and the status of funds managed by the individual responsible for the account. Unlike the final account, an intermediate account is not subject to judicial settlement.
Intermediate accounts are primarily used in probate and estate administration. They provide transparency regarding the management of an estate's assets during the administration process. Executors and administrators are required to file these accounts to keep beneficiaries informed about the financial status of the estate. Users can manage this process using legal templates available through platforms like US Legal Forms, which can simplify the preparation of necessary documents.
Here are a couple of examples of abatement:
Example 1: An executor of an estate files an intermediate account to show how much money has been spent on estate maintenance and what remains in the estate's bank account.
Example 2: A guardian submits an intermediate account to report on the funds spent for the care of a minor, detailing expenses for education and healthcare. (hypothetical example)
| State | Requirements for Intermediate Accounts |
|---|---|
| California | Requires detailed reporting of all transactions and a summary of assets. |
| New York | Intermediate accounts must be filed annually, detailing income and expenses. |
| Texas | Filing is required every six months, with specific forms mandated by the court. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition | Key Differences |
|---|---|---|
| Initial Account | The first financial report submitted by an executor or administrator. | Serves as the starting point of financial reporting, unlike the intermediate account. |
| Final Account | The last financial report submitted at the conclusion of the estate administration. | Final accounts are subject to judicial settlement, while intermediate accounts are not. |
If you are an executor or administrator, ensure you file your intermediate account accurately and on time. You can utilize templates from US Legal Forms to assist in preparing your documents. If you're uncertain about the process or your responsibilities, consider seeking legal advice to ensure compliance with local laws.
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It reveals the financial activities and status of funds managed by an executor or administrator.