Who is Entitled to an Estate Accounting in Illinois?

Article written by Illinois Attorney Kevin O’Flaherty

In this article, we explain estate accounting and answer the questions “who is responsible for an estate accounting?”, “what is included in an estate accounting?”, “who is entitled to an estate accounting?”, and “who qualifies as an interested person in probate?”

Who is Responsible for an Estate Accounting?

If the decedent has a valid will, the person the decedent named as executor in the will is responsible for a full accounting of the estate, the distribution of assets and providing an estate accounting to anyone that is classified as an interested person or party. If there is no will, or an executor has not been named, an administrator appointed by the court will be responsible for the estate accounting, as well as all other duties expected of an executor.

What is Included in an Estate Accounting?

Illinois law does not have a precise formula or provide any formal guidance for estate accounting. In a general sense, an estate accounting is a court-supervised process to gather the assets of the decedent, identify and pay debts (if any), and distribute the remaining assets to the beneficiaries outlined in the will of the deceased. Once an…