Estate & Trust Services

Chesapeake Accounting Group, PC works carefully in assisting fiduciaries in various aspects of estate, trust, and conservatorship administration including individual management services tailored to the specific needs of the client.

Obtaining professional advice when handling an estate, trust, or conservatorship can save time and reduce complications and personal liability.

Some of the issues where professional advice can prove to be very important include:

• Whether probate of a will or qualification of an executor or administrator is necessary.
• Identifying, obtaining control of, and valuing assets.
• Determining proper distribution of estate assets to beneficiaries under a will or applicable law and the timing of distributions.
• Preparing the inventory and accountings filed with the Commissioner of Accounts.
• Preparing required income and estate tax returns.

Chesapeake Accounting Group, PC can assist you in understanding the requirements you must meet and through the process of receiving and properly disbursing estate assets. Although it may sound simple, it is a complicated process even for relatively small estates. Errors can result in personal liability for an unwary executor or administrator as they are held to a high standard of responsibility and trust.

Testamentary trusts, like decedent's estates, are also subject to supervision by the court. Trustees must file an inventory and annual accountings with the Commissioner of Accounts, who audits the filings.

Our firm provides accountings for estates, trusts, and conservatorships in the format required by the courts. Fees paid for these services are normally considered a cost of administrating the estate payable out of estate assets and not personally payable by the executor or administrator. There are some exceptions, depending on the nature and extent of the services provided.

Contact us to see how we can help you meet your fiduciary responsibilities and reduce potential complications.