Which statement describes the closing step for an estate?

• A. Final account approved by the court, all assets distributed, all debts and taxes paid, and receipts from beneficiaries filed, resulting in fiduciary discharge.
• B. Only the final accounting is filed.
• C. Assets must be appraised again.
• D. A new bond must be posted.

Answer: (A)

Closing an estate means completing the final settlement so the fiduciary is discharged. The essential steps are presenting a final account to the court, obtaining its approval, distributing all remaining assets to beneficiaries, paying all debts and taxes, and filing receipts from beneficiaries with the court. When the court approves the final account and the distributions are documented, the fiduciary receives discharge, ending their duties.

Filing only the final accounting is not enough for closing, because distributions and proof of those distributions, along with payment of debts and taxes, are also required. Reappraising assets is not a standard closing step, and posting a new bond is not part of the closing process.