Statement in Lieu of Account

In some cases, the personal representative (fiduciary of a decedent’s estate) is permitted to file a short form account known as the Statement in Lieu of Account.

Generally, the personal representative is eligible to file a Statement in Lieu if

(1) if all the residual beneficiaries under the will, or all intestate distributes, also qualify as personal representatives of the estate, whether or not others may also qualify as personal representative in addition to such beneficiaries, and

(2) if there are assets in excess of all debts and taxes which may be due.

The fiduciary must still provide a tax certificate and receipts for specific bequests.

A fiduciary is not eligible to file a Statement in Lieu if there is an outstanding claim against the estate or if the residuary beneficiary is a trust rather than the fiduciary, notwithstanding that the fiduciary may also be the sole beneficiary of the trust.

The Statement in Lieu is due within 16 months of the date of qualification; however, it may not be filed until 6 months after the personal representative qualified. The Statement in Lieu of Account form is provided on this website.

If the personal representative cannot complete administration of the estate within 16 months of the date of qualification, the personal representative must file either an interim account or a written notice, under oath, that the personal representative intends to file the statement in lieu when he completes the administration.  The notice must include an explanation of why the statement in lieu cannot be presently filed.  The Notice of Intent to file a Statement in Lieu form is provided on this website.

If the commissioner determines the reasons are not sufficient, the personal representative may be required to file an interim account.

Subsequent notices (or interim accounts) must be filed annually until a statement in lieu is filed.