Modules/AI for Estate & Trust Accounting/Estate Settlement Accounting & Distribution Planning

Lesson 3 of 3•AI for Estate & Trust Accounting0 of 3 complete (0%)

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Estate Settlement Accounting & Distribution Planning

What you'll learn

1Use AI to prepare estate accounting for court filings and beneficiary reports
2Calculate estate distributions considering debts, taxes, and administrative expenses
3Navigate the order of abatement and specific vs. general bequest priorities
4Build AI-assisted estate settlement timelines and checklists

The Estate Settlement Process

Estate settlement requires meticulous accounting from the date of death through final distribution. The executor or personal representative must account for every dollar — assets received, income earned, expenses paid, and distributions made. AI assists with the calculations and organization while the fiduciary ensures compliance with the will, applicable law, and court requirements.

Estate Inventory and Valuation

ESTATE INVENTORY as of Date of Death: [Date]

ASSETS:
- Cash and bank accounts: $[X] (list each account)
- Marketable securities: $[X] (date-of-death values)
- Real property: $[X] (appraised fair market value)
- Retirement accounts (IRAs, 401k): $[X]
- Life insurance (payable to estate): $[X]
- Business interests: $[X] (valuation method: [X])
- Personal property: $[X]
- Receivables: $[X]
- Other assets: $[X]

LIABILITIES:
- Mortgage: $[X]
- Credit card debt: $[X]
- Medical bills: $[X]
- Income tax liability (final return): $[X] estimated
- Estate tax liability: $[X] estimated
- Funeral expenses: $[X]
- Administrative expenses (estimated): $[X]

CALCULATE:
1. Gross estate value
2. Total liabilities and expenses
3. Net estate available for distribution
4. Date-of-death basis for all assets (stepped-up basis)
5. Identify assets that pass outside the probate estate
   (joint accounts, beneficiary designations, TOD/POD)

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What you'll learn:

Use AI to prepare estate accounting for court filings and beneficiary reports
Calculate estate distributions considering debts, taxes, and administrative expenses
Navigate the order of abatement and specific vs. general bequest priorities

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What you'll learn

1Use AI to prepare estate accounting for court filings and beneficiary reports

2Calculate estate distributions considering debts, taxes, and administrative expenses

3Navigate the order of abatement and specific vs. general bequest priorities

4Build AI-assisted estate settlement timelines and checklists

The Estate Settlement Process

Estate Inventory and Valuation

ESTATE INVENTORY as of Date of Death: [Date] ASSETS: - Cash and bank accounts: $[X] (list each account) - Marketable securities: $[X] (date-of-death values) - Real property: $[X] (appraised fair market value) - Retirement accounts (IRAs, 401k): $[X] - Life insurance (payable to estate): $[X] - Business interests: $[X] (valuation method: [X]) - Personal property: $[X] - Receivables: $[X] - Other assets: $[X] LIABILITIES: - Mortgage: $[X] - Credit card debt: $[X] - Medical bills: $[X] - Income tax liability (final return): $[X] estimated - Estate tax liability: $[X] estimated - Funeral expenses: $[X] - Administrative expenses (estimated): $[X] CALCULATE: 1. Gross estate value 2. Total liabilities and expenses 3. Net estate available for distribution 4. Date-of-death basis for all assets (stepped-up basis) 5. Identify assets that pass outside the probate estate (joint accounts, beneficiary designations, TOD/POD)