Judicial Accounting Law & Legal Definition
A judicial accounting is a financial inventory of assets, debts, income, expenditures, and other items, which is submitted to the court. A judicial accounting is used in various contexts, such as estate administration, divorce, partnership dissolution, and others.
The following is an example of a state statute's guidelines for an accounting by a conservator:
An accounting shall include:
(1) A listing of the receipts, disbursements, and distributions from the estate under the conservator's control during the period covered by the account;
(2) A listing of the estate;
(3) The services being provided to the protected person;
(4) The significant actions taken by the conservator during the reporting period;
(5) A recommendation as to the continued need for conservatorship and any recommended changes in the scope of the conservatorship;
(6) Any other information requested by the court or useful in the opinion of the conservator;
(7) The compensation requested and the reasonable and necessary expenses incurred by the conservator; and
(8) An annual inventory of any item of tangible personal property with a value of two thousand five hundred dollars or more which has come into the conservator's possession or knowledge for the minor or protected person.
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