Nebraska Probate Form 344 - Interim Accounting

WHEN TO USE THE FORM: Even before the Nebraska Principal and Accounting Act, Nebraska Probate Code §§ 30-3101 to 30-3115, when an estate had a residual trust with an income beneficiary, it was necessary to break out the income earned during the administration of the estate so that it would be paid to the income beneficiary and also to determine the amount of principal that would be passing to the trust. The "Interim Accounting" form is a form that could be used when you have an estate that requires all of its probate assets, after payment of debts and costs of administration, to pass to a residual trust.

The purpose of the form is to show a format that can be used to establish how much principal and how much income is on hand at a given point in time. Many times a final accounting is filed that does not show complete disbursement of all of the remaining assets and this form therefore could also be used as a final accounting if this were the case.

HOW TO USE THE FORM: You will need to classify each receipt and disbursement as either a principal item or income item. Once this is completed, the form is filled out.

It is important to reconcile the total receipts less total disbursements with the actual cash on hand to insure that the accounts are in balance.

Detailed records kept by the Personal Representative will make the interim and final accounting preparation easier than is often the case.

WHEN NOT TO USE THE FORM: If you have specifically devised income producing assets such as a farm, then the income and expenses from the farm will need to be accounted for separately. Nebraska Probate Code § 30-3106(2)(a).

If you do not have a trust involved and do not have specific income producing assets going to different individuals, then a regular accounting showing receipts and disbursements without delineating between principal and income items will be adequate.

The form is intended as an example only and will undoubtedly need modification depending upon the particular circumstances of each estate.