Conn. Prob. Ct. R. P. 37

As amended through April 25, 2023

Rule 37 - Fiduciary Accounting: Requirements for Financial Reports

Section 37.1 Decedent's estate: requirements for financial report

(a) Except as otherwise directed by the court, a financial report for a decedent's estate shall include the following information for the accounting period:

(1) the aggregate value of estate property at the beginning of the accounting period as reported on the inventory or the most recent interim financial report or account;

(2) the total amount of additional assets received;

(3) the total amount of income received in each major category including, but not limited to, interest, dividends and rent;

(4) the net of capital gains and losses realized on the sale of any assets;

(5) funeral expenses;

(6) the total amount of administration expenses in each major category including, but not limited to, fiduciary fees, attorney's fees, accounting expenses, probate fees, taxes, probate bond premiums, publication expenses and other expenses;

(7) the total amount of claims paid to creditors;

(8) an itemized list of distributions made to each heir or beneficiary before the end of the accounting period; and

(9) if a final financial report, an itemized list of proposed distributions to each heir or beneficiary, the proposed reserve and a statement that all funeral expenses, administration expenses, taxes and claims have been paid and all bequests and devises have been or will be distributed.

(b) A financial report may include supporting schedules to provide additional details or explanatory notes.

(C.G.S. section 45a-176; Probate Court Rules, rule 36.)

Section 37.2 Trusts: requirements for financial report

(a) Except as otherwise directed by the court, a financial report for a trust shall include the following information for the accounting period:

(1) the aggregate value of estate property at the beginning of the accounting period as reported on the inventory or the most recent financial report or account;

(2) the total amount of additional assets received;

(3) the total amount of income received in each major category including, but not limited to, interest, dividends, annuities and rent;

(4) the net of capital gains and losses realized on the sale of any assets;

(5) the total amount of administration expenses in each major category including, but not limited to, fiduciary fees, attorney's fees, accounting expenses, probate fees, taxes, probate bond premiums, publication expenses and other expenses;

(6) the total amount of distributions to, or for the benefit of, each beneficiary, together with a brief explanation of the basis for any discretionary distributions;

(7) the total amount of assets on hand at fair market value at the end of the accounting period, except that real property and assets that are difficult to value may be reported at fiduciary acquisition value; and

(8) if a final financial report, an itemized list of proposed distributions to each beneficiary and any proposed reserve.

(b) A financial report may include supporting schedules to provide additional details or explanatory notes.

(Probate Court Rules, rule 36.)

Section 37.3 Conservatorship, guardianship and other estates: requirements for financial report

(a) Except as otherwise directed by the court, a financial report for a conservatorship, guardianship or any other type of estate not specified in this rule shall include the following information with respect to the accounting period:

(1) the aggregate value of estate property at the beginning of the accounting period reported on the inventory or the most recent financial report or account;

(2) the total amount of additional assets received;

(3) the total amount of income received in each major category including, but not limited to, interest, dividends, pension, social security, annuities, wages and rent;

(4) the net of capital gains and losses realized on the sale of any assets;

(5) the total amount of administration expenses in each major category including, but not limited to, fiduciary fees, attorney's fees, accounting expenses, probate fees, taxes, probate bond premiums, publication expenses and other expenses;

(6) the total amount of distributions to, or for the benefit of, the person for whom the estate is administered in each major category including, but not limited to, medical, housing, utilities, automobile, spending money, groceries, clothing and tuition;

(7) the total amount of assets on hand at fair market value at the end of the accounting period, except that real property and assets that are difficult to value may be reported at fiduciary acquisition value; and

(8) if a final financial report, an itemized proposed distribution and any proposed reserve.

(b) A financial report may include supporting schedules to provide additional details or explanatory notes.

(C.G.S. section 45a-597; Probate Court Rules, rule 36.)

Section 37.4 Reporting distributions in financial report

(a) Except as provided in subsection (b), the fiduciary shall report distributions on a financial report at fair market value as of the date of distribution.

(b) Distributions may be shown at fiduciary acquisition value if each beneficiary in a class of beneficiaries entitled to the distribution will receive a proportionate share of each asset.

(c) Unless otherwise directed by the court, miscellaneous tangible personal property not itemized on the inventory need not be itemized in a financial report.

(d) A schedule itemizing distributions or proposed distributions shall include reference to the provisions of the will or other governing instrument directing or authorizing the distributions.

HISTORY: Rule 37 adopted effective July 1, 2013.

Conn. Prob. Ct. R. P. 37

Adopted November 7, 2012, effective 7/1/2013.