WAIVING ACCOUNTING IN ESTATES
June 28, 2010 § 2 Comments
[This information comes from the outline of a presentation made by Bob Williford to the Chancery Judges Spring Conference earlier this year. Used with his permission.]
- An Administrator is required to file an annual account and a final account. §§ 91-7-277 and 291, MCA.
- Although the statute does not provide an exception to the filing of a final account, a final accounting may be waived “on good cause shown.” § 91-7-291, MCA.
- The Administrator may be relieved of the duty of accounting by waiver of all parties interested in the estate of their right to an accounting. 34 C.J.S. Executors and Administrators, § 834.
- If all of the heirs of the estate join in a request to waive annual account, the court would seem to have discretion to do so, but the court does have statutory authority to waive the final account.
- An Executor is required to file annual accounts and a final account. §§ 91-7-277 and 291, MCA.
- case law, however, recognizes that a testator may waive the requirement of both annual and final accounts. Harper v. Harper, 491 So.2d 189 (Miss. 1986); Will of McCaffrey v. Fortenberry, 592 So.2d 52 (Miss. 1991); Matter of Holt v. Scott, 806 So.2d 296 (Miss. App. 2001). BUT consider the following case: Where accounting was waived in the Will, it was held that administration of the esatte was removed from jurisdiction of the court. Bryan v. Bryan, 167 So.2d 56 (Miss. 1936).
- It is customary to waive accounting even if the Will does not expressly so provde, assuming all of the residuary beneficiaries join in the rtequest.
- The court may require an account even if waived in the Will. In re Estate of Carter, 912 So.2d 138 (Miss. 2005).