Liquidation and Distribution Account
in plain language
A detailed financial report the executor prepares showing everything the estate owns, owes, and how the remaining assets will be shared. Anyone can inspect it for 21 days before payouts happen.
formal definition
A detailed financial statement prepared by the executor that lists all assets, liabilities, income, expenses, and the proposed distribution to heirs. It must lie open for inspection at the Master's Office for 21 days before distribution.