Plain-language meaning
It explains what entered the representative's control, what changed, what was paid or distributed, and what remains.
What the term does not establish
It is not the same as an estate tax return, a bank statement, or a loose folder of receipts, although those records may support it.
Why it matters in estate settlement
The word can affect how a person reads a form, will, account request, inventory, claim, or court explanation. It should be used in the context of the governing document, the property involved, and the responsible jurisdiction—not as a shortcut to a legal result.
Example
A useful accounting connects a home-sale receipt and closing costs to the estate account and shows how the net amount affects the remaining balance.
Continue to the subject owner
This is a definition page, not a competing guide. Add recordkeeping to the executor checklist for the complete decision, evidence, stop conditions, and next actions.
Related terms
- Fiduciary duty — For an estate representative, that generally means acting carefully, loyally, impartially where required, and with a usable record of decisions and transactions.
- Personal representative — It is an umbrella term for the person handling the estate in an authorized capacity.
- Date-of-death value — It fixes the valuation date; it does not tell you which source or appraisal method is appropriate for every asset.
Official orientation
Terminology is checked against official court and federal estate-administration explanations, including California Courts probate terms, New York Courts guidance on estate fiduciaries, and IRS Publication 559. The controlling meaning may still depend on the jurisdiction and document.