Estate Accounting is the accounting for fiduciaries who wind up the affairs of whom?

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Estate accounting deals with fiduciaries who wind up the affairs of a deceased person. When someone dies, an executor or administrator takes charge of gathering assets, paying debts and taxes, covering final expenses, and distributing the remaining assets to heirs or beneficiaries. The fiduciary prepares a final accounting to the probate court and the beneficiaries showing exactly what was received, what was paid out, and how the estate was settled. This focus on wrapping up the decedent’s finances is what makes estate accounting the correct choice. Trust accounting, by contrast, covers managing and terminating living or ongoing trusts; government and institutional accounting refer to accounting for government units and organizations, not the winding up of a deceased person’s estate.