California Probate Code 1061 – (a) All accounts shall state the period covered by the account …
(a) All accounts shall state the period covered by the account and contain a summary showing all of the following, to the extent applicable:
(1) The property on hand at the beginning of the period covered by the account, which shall be the value of the property initially received by the fiduciary if this is the first account, and shall be the property on hand at the end of the prior account if this is a subsequent account.
Terms Used In California Probate Code 1061
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Conservatee: includes a limited conservatee. See California Probate Code 29
- Property: means anything that may be the subject of ownership and includes both real and personal property and any interest therein. See California Probate Code 62
- State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See California Probate Code 74
(2) The value of any assets received during the period of the accounting which are not assets on hand as of the commencement of the administration of an estate.
(3) The amount of any receipts of income or principal, excluding items listed under paragraphs (1) and (2) or receipts from a trade or business.
(4) Net income from a trade or business.
(5) Gains on sales.
(6) The amount of disbursements, excluding disbursements for a trade or business or distributions.
(7) Loss on sales.
(8) Net loss from trade or business.
(9) Distributions to beneficiaries, the ward or conservatee.
(10) Property on hand at the end of the accounting period, stated at its carry value.
(b) The summary shall be in a format substantially the same as the following, except that inapplicable categories need not be shown:
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SUMMARY OF ACCOUNT |
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CHARGES: |
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Property on hand at beginning of |
$ |
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Additional property received (or |
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Receipts (Schedule ______) |
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Gains on Sale or Other Disposition |
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Net income from trade or business |
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Total Charges: |
$ |
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CREDITS: |
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Disbursements (Schedule _______) |
$ |
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Losses on Sale or Other Disposition |
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Net loss from trade or business |
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Distributions (Schedule ______) |
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Property on hand at close of account |
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Total Credits: |
$ |
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(c) Total charges shall equal total credits.
(d) For purposes of this section, the terms “net income” and “net loss” shall be utilized in accordance with general accounting principles. Nothing in this section is intended to require that the preparation of the summary must include “net income” and “net loss” as reflected in the tax returns governing the period of the account.
(Amended by Stats. 1997, Ch. 724, Sec. 6. Effective January 1, 1998.)