How to maintain Probate Accountings

In probate, conservatorships and guardianships, you need to keep track of all funds and do accountings for the court, usually on a yearly basis.  I always tell my clients that in probate, you are guilty until proven innocent when doing these accountings.  It is imperative that you keep impeccable records of all money spent, including receipts from even that four dollar item.  However, it is more than just keeping receipts.  You need to keep track of what the purchase was for, why you made the purchase, and what became of the purchase.  For deposits, record what the source of the deposit was.  If you had a stray check for $20 dollars for a rebate, make sure you record what it was for, otherwise you run the risk that a year later, you will have no recollection of what you did and why.  Just because you believe you are doing right by your family, doesn’t mean the court will believe you unless you can prove it.