A fiduciary, whether an Executor, Administrator, or Trustee, at one time or another will have to account for their actions to the beneficiaries, often in the form of an "Accounting." An accounting is a detailed record of the fiduciary's management of the estate or trust, and may be provided to the beneficiaries informally, through an informal schedule and receipt and releases, or judicially, through court-prescribed forms and a decree from the court.

At the conclusion of the administration of an estate (or trust), the fiduciary should provide an accounting to the beneficiaries prior to distribution of estate assets. Many estates conclude with an informal accounting, where the fiduciary provides an informal schedule of the income, expenses, and proposed distributions. The beneficiaries review this informal schedule and may ask the fiduciary questions regarding the transactions or to review records supporting the accounting. Once approved by the beneficiaries, the fiduciary will request each beneficiary to execute a receipt, release, refunding, and indemnification agreement before they can receive their distribution. This document states the beneficiary approves the accounting as provided, releases the fiduciary from liability for their estate-related actions, agrees to refund the fiduciary if liabilities surface and the fiduciary does not hold sufficient assets to pay them; and indemnifies the fiduciary on behalf of the beneficiary and their heirs. Ensuring that all beneficiaries execute a document of this kind prior to receiving distributions is one of the most important aspects of the administration of the estate, as it protects the fiduciary from litigation over their estate-related actions.