Tennessee § 30-2-601 - Accountings — Statement in lieu of accounting.

§ 30-2-601. Accountings — Statement in lieu of accounting.

Within fifteen (15) months from the date of qualification, the personal representative shall make an accounting with the clerk of the court exercising probate jurisdiction in the county of the estate. If accountings have been waived by the decedent's will or other pleadings filed with the court, the personal representative shall not be required to file a detailed accounting but shall be required to file a status report detailing any remaining estate issues within fifteen (15) months from the date of qualification and each year thereafter that the estate remains open. Upon application of one (1) or more of the distributees of the residue, the court may require the personal representative to file a detailed accounting with the court. After the first accounting and until the estate is fully administered, the personal representative shall make further accountings annually from the date of the first accounting. The accountings shall state all receipts, disbursements and distributions of principal and income for the accounting period and the remaining assets held in the estate and shall be verified by the oath of the personal representative before the clerk or any person authorized by law to administer oaths in such cases. The final accounting shall state the personal representative has mailed or delivered notice of the requirement to file claims required by § 30-2-306(d) to the creditors of the decedent who were known to or reasonably ascertainable by the personal representative. For good cause shown to the court, it may extend the time for filing the accountings. However, detailed accountings of solvent estates may be waived if: The decedent by the decedent's will waived the requirement for the personal representative to make court accountings of the estate; or All of the distributees of the residue file with the clerk of the court sworn waivers, or statements under penalty of perjury, excusing the personal representative from filing all court accountings. If all court accountings are waived by the decedent's will or by the distributees as above provided and notwithstanding any other provisions of probate law to the contrary, the personal representative and the distributees of the residue of a solvent estate, in which all legitimate claims against the estate have been satisfied, may file separate statements with the clerk of the court at any time after the period for creditors to file claims against the estate has expired, which statement by the personal representative shall state substantially the facts in subdivision (b)(1)(A) and which statement by the distributees of the residue shall state substantially the facts in subdivision (b)(1)(B); except that no statement acknowledging receipt shall be required of a distributee who is also the personal representative: That the personal representative has properly administered the estate, has paid or settled all claims that were lawfully presented, has paid all expenses of administration, has mailed or delivered notice of the requirement to file claims, as prescribed in § 30-2-306(d), to the creditors of the decedent who were known to or reasonably ascertainable by the personal representative, has for estates where the death occurred prior to January 1, 2016, filed with the court a final receipt from the department of revenue unless waived pursuant to § 67-8-409(g), has distributed the estate according to the will and obtained and filed receipts for specific bequests as required by § 30-2-707, or has distributed the estate according to the laws of intestate succession; and That the distributees of the residue acknowledge that the estate has been properly distributed to them. If the personal representative has made diligent efforts, satisfactory to the court, to obtain an acknowledgement from any distributee, and one (1) or more have failed to comply, the personal representative may move the court for closure of the estate by giving notice of the pending settlement to the non-compliant distributee. Failure of the non-compliant distributee to appear or participate in the hearing shall result in a final order closing the estate. The filing of this statement, and without the requirement of notice of an accounting by the clerk, relieves the personal representative and all distributees of any requirement of law or rule to file a detailed statement, accounting or receipt of any property, money or other items received from the estate. This section does not apply unless all distributees of the residue of an estate file this statement in lieu of a more detailed accounting that may otherwise be required. In connection with any final settlement with the court, it is necessary for the receipt of any legatee or distributee to be executed under penalty of perjury or otherwise sworn before the clerk or a notary public, in a form developed by the administrative office of the courts. The form shall be posted on the website of the administrative office of the courts where it can be copied by the legatee or distributee or provided to the legatee or distributee by the court or the court clerk. In connection with any accounting, to support the financial information reported, the personal representative shall submit with the accounting the original of each cancelled check written on the estate account unless: The personal representative is a bank to which § 45-2-1003(c) applies or a savings and loan association to which § 45-2-1003(c) would apply if the savings and loan association were a bank, in which case the personal representative shall comply with § 45-2-1003(c); or The estate account is maintained in a financial institution, as defined in § 34-1-101, that does not return the cancelled checks but provides a printed statement showing the date the check cleared, the payee and the amount, in which case the personal representative shall submit a printed statement from the financial institution. Code 1858, §§ 2295, 2296 (deriv. Acts 1837-1838, ch. 125, § 1); Shan., §§ 4031, 4032; Code 1932, §§ 8244, 8245; Acts 1972, ch. 464, §§ 1, 2; T.C.A. (orig. ed.), §§ 30-1101, 30-1102; Acts 1985, ch. 140, § 19; 1986, ch. 580, § 1; 1989, ch. 395, §§ 10-12; 1992, ch. 951, § 7; 1995, ch. 177, § 1; 1997, ch. 426, § 11; 1998, ch. 762, § 1; 1999, ch. 491, § 12; 2016, ch. 809, §§ 1-3; 2017, ch. 280, §§ 1-4. Code Commission Notes. Acts 2017, ch. 280, § 3 added (b)(3); however, that subsection was added as (b)(2), and related redesignations were made in subsection (b) by authority of the code commission. Compiler's Notes. Acts 1997, ch. 426, § 26 provided that the amendments to this section by that act shall apply to all estates of decedents dying on or after January 1, 1998, and to all wills, other documents and proceedings related thereto. Amendments. The 2016 amendment substituted “sworn waivers, or statements under penalty of perjury, excusing” for “waivers excusing” in (a)(4)(B); substituted “has, for estates where the death occurred prior to January 1, 2016, filed with the court a final receipt from the department of revenue unless waived pursuant to § 67-8-409(9) ,” for “has filed with the clerk of the court exercising probate jurisdiction the final receipt and release from the department of revenue evidencing payment of all state inheritance and/or estate tax due from the estate, unless waived pursuant to § 67-8-409(9) ,” in (b)(1); and added “Except as provided in subdivision (a)(4)(B),” at the beginning of (d). The 2017 amendment added the last two sentences of (a)(1); inserted “as required by § 30-2-707 ” near the end of (b)(1)(A); added (b)(2); and rewrote (d) which read: “Except as provided in subdivision (a)(4)(B), in connection with any accounting, it is not necessary for the receipt or voucher of any legatee or distributee to be sworn or otherwise acknowledged before the clerk or a notary public.”. Effective Dates. Acts 2016, ch. 809, § 8. April 14, 2016. Acts 2017, ch. 280, § 8. July 1, 2017. Cross-References. Duties of clerk, § 18-6-106 . Fees of clerks of courts administering probate matters, §§ 8-21-401 , 8-21-701 , 8-21-702 . Jurisdiction of chancery courts of probate and related matters, title 16, chapter 16, part 2. Textbooks. Pritchard on Wills and Administration of Estates (4th ed., Phillips and Robinson), §§ 836, 837, 1144. Tennessee Forms (Robinson, Ramsey and Harwell), Nos. 4-1310, 4-1311, 4-1313, 4-1315. Tennessee Jurisprudence, 6 Tenn. Juris., Compromise and Settlement, § 2; 12 Tenn. Juris., Executors and Administrators, §§ 63, 65, 66, 75; 25 Tenn. Juris., Wills, § 168.