Financial Report/trust (Rev. 2/16)

There are all sorts of forms executors, beneficiaries, and probate court clerks have to fill out and correspond with during probate and estate settlement, including affidavits, letters, petitions, summons, orders, and notices.

Financial Report/trust (Rev. 2/16) is a commonly used form within Connecticut. Here’s an overview of what the form is and means, including a breakdown of the situations when (or why) you may need to use it:

Atticus Fast Facts About Financial Report/trust (Rev. 2/16)

Sometimes it’s tough to find a quick summary— here’s the important details you should know about Financial Report/trust (Rev. 2/16):

• This form pertains to the State of Connecticut

• The current version of this form was last revised on February 1, 2016

Government forms are not typically updated often, though when they are, it often happens rather quietly. While Atticus works hard to keep this information about Connecticut’s Form PC-443 - Financial Report/trust (Rev. 2/16) up to date, certain details can change from time-to-time with little or no communication.

Step 1 - Download the correct Connecticut form based on the name and ID if applicable

Double check that you have both the correct form name and the correct form ID. Some Connecticut probate forms can look remarkably similar, so it’s best to double, even triple-check that you’re using the right one! Keep in mind that not all States have a standardized Form ID system for their probate forms.

Step 2 - Complete the Document

Fill out all relevant fields in Form PC-443, take a break, and then review. Probate and estate settlement processes in CT are long enough to begin with, and making a silly error can push your timeline even farther back. No thank you!

Note: If you don’t currently know all of the answers and are accessing Form PC-443 online, be sure to avoid closing the browser tab and potentially losing all your progress (or use a platform like Atticus to help avoid making mistakes).

Step 3 - Have Form PC-443 witnessed or notarized (if required)

Some States and situations require particular forms to be notarized. If you have been instructed to get the document notarized or see it in writing on the document, then make sure to hire a local notary. There are max notary fees in the United States that are defined and set by local law. Take a look at our full guide to notary fees to make sure you aren’t overpaying or getting ripped off.

Step 4 - Submit Financial Report/trust (Rev. 2/16) to the relevant office

This is most often the local probate court where the decedent (person who passed away) is domiciled (permanently resides) or the institution involved with this particular form (e.g. a bank). Some offices allow you to submit forms online, other’s don’t, and we while we generally recommend going in-person to expedite the process, sometimes that simply isn’t an option.

It’s also a generally good idea to establish a positive working relationship with any probate clerk (unfortunately there’s enough people & process out there making things more difficult and unnecessarily confusing for them), so a best practice is to simply ask the probate clerk proactively exactly how and where they’d prefer you to submit all forms.

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Different probate forms or processes can require different deadlines or response times for completing the appropriate form.

While some steps in the process are bound to specific deadlines (like petitioning for probate, having to submit an inventory of assets, or filing applicable notices to creditors and beneficiaries), many probate forms or processes are not tied to a specific deadline since the scope of work can vary based on situational factors or requirements involved.

Either way, there are a bunch of practical reasons why personal representatives should work to complete each step as thoroughly and quickly as possible when completing probate in Connecticut.

5 reasons you should submit PC-443 as quickly as possible:

1. The sooner you begin, the faster Connecticut can allow heirs and beneficiaries to get their share of assets subject to probate. Acting promptly can also decrease the costs & overall mental fatigue through an otherwise burdensome process.
   
   Helpful Context: What’s the Difference Between Probate and Non-Probate Assets?

2. In general, creditors of an estate usually have around 3-6 months from the time you file notice to creditors to file any claims for debt against the deceased’s assets. If they don’t, then that debt is forfeited (and more importantly, the executor won’t be held personally responsible). So doing this sooner means you have a better idea of who is owed what and ensures you won’t get a surprise collector months later.

3. Not filing a will within 30 days (on average) could mean that the probate process proceeds according to intestate laws (laws that govern what happens to someone's stuff without a will) or is subject to unnecessary supervision by the probate court. And if you aren't directly related to the deceased (a.k.a. next of kin), this could also mean you lose your inheritance.

4. It’s important to file any necessary state tax returns on behalf of the deceased or estate by the following tax season in Connecticut. If you don’t, you could owe penalties and interest. This also includes any necessary federal tax returns such as Forms 1040, 1041, or even a Form 706 estate tax return.

5. If a house in the State of Connecticut is left empty (or abandoned) for a while, insurance can get dicey. For example, if the house burns down and no one has been there for a year, an insurance company may get out of paying your claim.

If you’re not using Atticus to get specific forms, deadlines, and timelines for Connecticut probate, then try and stay as organized as possible, pay close attention to the dates mentioned in any correspondence you have with the State’s government officials, call the local Connecticut probate clerk or court for exact answers regarding Form PC-443, and when in doubt— consult a qualified trust & estates lawyer for that area.

Financial Report/trust (Rev. 2/16) is one of the many probate court forms available for download through Atticus.

It may also be available through some Connecticut probate court sites, such as . In order to access the latest version, be updated with any revisions, and get full instructions on how to complete each form, check out the Atticus Probate & Estate Settlement software or consider hiring a qualified legal expert locally within Connecticut.

While Atticus automatically provides the latest forms, be sure to choose the correct version of Form PC-443 - Financial Report/trust (Rev. 2/16) f using any other site or resource in order to avoid having to re-complete the form process and/or make another trip to the Connecticut probate court office.

Financial Report/trust (Rev. 2/16) is a .pdf, so opening it should be as simple as clicking “View Form” from within the Atticus app or by clicking the appropriate link found on any Connecticut-provided government platform. Once you’ve opened the form, you should be able to directly edit the form before saving or printing.

Here’s the text, verbatim, that is found on Connecticut Form PC-443 - Financial Report/trust (Rev. 2/16). You can use this to get an idea of the context of the form and what type of information is needed.

Financial Report Trust PC-443  PAGE 1/4 CONNECTICUT PROBATE COURTS Financial Report Trust PC-443 REV. 2/16 RECEIVED: Instructions: 1) A trustee may use this financial report instead of filing an account for a trust unless: (a) the court has ordered the trustee to file an account; or (b) an account is required by the Probate Court Rules of Procedure, section 38.1 2)Type or print the form in ink. 3)Attach supporting schedules if necessary to provide additional details or explanatory notes. 4)The trustee shall send a copy of this financial report to each party and attorney. 5)For additional information, see the Probate Court Rules of Procedure, sections 37.2 and 37.4. Probate Court Nam e District Num ber Estate of Trust Under Article of Will for the B enefit of Trustee (Name, address and telephone number of each trustee.) EACH TRUSTEE WHO SIGNS THIS FINANCIAL REPORT REPRESENTS UNDER PENALTY OF FALSE STATEMENT THAT: 1) The financial report is being filed for the following reason: Periodic financial report. C.G.S. section 45a-177 Final financial report 2)All taxes , expenses of administration and claims against the estate are shown below and have been paid. This financial report covers the period (Month, Day, Year): From To 3)The trustee has retained all supporting records for this financial report as required by the Probate Court Rules of Procedure, section 36.13, and the records are available for review upon request. 4)The following is a true and complete summary of the assets of the trust and the trustee’s receipts, payments and distributions. CONNECTICUT PROBATE COURTS Financial Report Trust PC-443 REV. 2/16 Financial Report Trust PC-443  PAGE 2/4 Assets and Income Received Total amount reported on the inventory of the trust or on hand at the end of the accounting period in most recent financial report or account $ Total amount of additional assets received $ Income received: Interest $ Dividends $ Annuities $ Rent $ Other (Specify and attach second sheet if necessary.) $ Net amount of gain (or loss) on the sale of assets $ If real property has been sold, attach copy of settlement statement from closing. Total $ Administration Expenses Paid Administration Expenses: Fiduciary fees $ Fiduciary disbursements $ Attorney’s fees $ Attorney’s disbursements $ Accounting expenses $ Probate court fees and expenses$ Probate bond premium $ Publication of notices $ Taxes: Property Tax $ Income Tax $ Other Expenses (Specify and attach second sheet if necessary.) $ Total $ Distributions to or for the Benefit of Beneficiaries Complete the following section for distributions made during the accounting period. E xcept as provided under the Probate Court Rules of Procedure, section 37.4(b), distributions must be shown at fair market value. Attach second sheet if necessary. Total Amount of Distributions to Beneficiaries During Accounting Period Name of Beneficiary Specify section of will providing for distribution If distribution was discretionary, provide a brief explanation of the basis for the distribution (e.g., health, support, education, etc.) Fair Market Value $ $ $ Subtotal $ CONNECTICUT PROBATE COURTS Financial Report Trust PC-443 REV. 2/16 Financial Report Trust PC-443  PAGE 3/4 Name of Beneficiary Specify section of will providing for distribution If distribution was discretionary, provide a brief explanation of the basis for the distribution (e.g., health, support, education, etc.) Fair Market Value $ $ $ Subtotal $ $ $ $ Subtotal $ Total $ Total Assets on Hand at the End of the Accounting Period Enter the total amount on hand at the end of the accounting period at fair market value below, except that assets that are difficult to value may be reported at the fiduciary acquisition value. If this is a final financial report for the trust, a proposed distribution must be submitted. See Form PC-443A, Schedule A: Proposed Distribution/ Final Financial Report/Trust. Total A ssets On Hand $ EACH TRUSTEE REQUESTS: (1) approval of this financial report; (2) approval of any proposed distribution on Form PC-443A, Schedule A: Proposed Distribution/Final Financial Report/Trust, if applicable; and (3) release from liability with respect to all items shown on this financial report. The representations contained in this financial report are made under penalty of false statement. Signature of Trustee Signature of Trustee Type or Print Name Type or Print Name Date Date CONNECTICUT PROBATE COURTS Financial Report Trust PC-443 REV. 2/16 Financial Report Trust PC-443  PAGE 4/4 Certification I certify that a copy of this financial report, including PC-443A, Schedule A: Proposed Distribution/Final Financial Report/Trust, if applicable, was sent to each of the following persons: Name and Address Signature of fiduciary or attorney _________________________________________________________________ Type or Print Name: ______________________________________________________________________________________________________ Date: ______________________________________________________________________________________________________________________