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What Is a Receipts? Definition, Uses and Importance.

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When a person dies, their assets are usually probated to determine what should happen with them. The court makes sure that all of these items are distributed according to the law in place and reports any receipts from those funds on schedule so they don’t get lost or forgotten about!

If you are the personal representative or executor of a deceased person’s estate, one of your most significant responsibilities is to provide a court with an accounting of the estate’s assets. It is also known as probate accounting since it keeps track of all transactions pertaining to an estate in a financial record format.

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