The FinalPlanner Estate Finance Tracking Template

© Tom and Stephen Voltz, 2024 The FinalPlanner Estate Finance Tracking Template is a set of interconnected Google Sheets designed to help you easily track all the financial aspects of settling an estate. The template includes separate sheets for tracking assets, liabilities, income, and expenses, with a separate sheet for expenses incurred by the executor, and a summary sheet that automatically consolidates everything.

To begin, access the template by clicking “Use Template” from the preview. This will create a new, blank copy of the sheets in your Google Drive. You can also view a sample set of sheets with example data to understand how the template works.

Open Estate Finance Tracking Spreadsheet

Step 1: Enter Asset and Liability Information

First, enter the details of the estate’s assets and liabilities as follows:

Schedule of Assets (Sheet 2):

• List all personal — that is, non-trust assets. (All non-trust assets are “personal assets” for most estate accounting.) This includes all non-trust cash, investments, personal property, real estate, etc. on Sheet 2, Personal Assets under Columns B through I.
• List all assets owned by any trust on Sheet 2 under Trust Assets in Columns K through R.

Liabilities (Sheets 3 and 4):

• Enter all outstanding loans or debts (not including trust debts) on Sheet 3, Personal Liabilities in the relevant sections.
• List trust-related liabilities on Sheet 4, the “Trust Liabilities” sheet.

Step 2: Track Income and Expenses

As the estate generates income or incurs expenses, record them on the corresponding sheets:

Personal Income and Expenses Sheet:

• Record any non-trust related income received (for example, rental or business income, interest, collected debts, etc.) on Sheet 5. Personal Income and Expenses
• Enter all personal expenses related to the estate (e.g., probate fees, funeral expenses, utilities, maintenance, etc.) in the Estate Expenses section of this sheet. Remember that estate expenses are almost always personal expenses and not trust expenses.

Trust Income and Expenses Sheet:

• Record any income generated by trust assets or entities such as income from rental property or businesses owned by the trust.
• Enter expenses here that are associated with trust assets or are paid from the trust

Step 3: Monitor the Summary

The Summary sheet automatically consolidates all the financial information from the other sheets, providing a comprehensive overview of the estate’s net worth, net income/expenses, and a breakdown of assets, liabilities, income, and expenses.

It will automatically update as entries are made to the other sheets. Do not enter data directly on this sheet.

The Difference Between Expenses and Liabilities

Debts (for example, funeral bills, utility bills, mortgages due, etc.) are liabilities until they are paid. Once they are paid, they are recorded as expenses on Sheet 5. Personal Income and Expenses (or, if they are trust debts, Sheet 6, Trust Income and Expenses).

For example, an outstanding medical bill for $22,000 is a liability. When it is paid, that $22,000 is subtracted from the personal liabilities sheet and added to the personal expenses sheet. The estate’s net worth remains the same, but there is one less debt to be paid.

Generally, debts (such as utility bills, etc.) that are expected to be paid within 30 days need not be recorded as liabilities and can be recorded simply as expenses when they are paid. Longer-term debts, such as mortgages, should be recorded as liabilities, and payments made towards them should be recorded as expenses as they are made.

However, be careful that you only reduce the amount of the outstanding debt by the amount of principal that has been paid off, not by the entire amount of the payment if the payment includes interest (as most loan payments do.) The amount paid towards interest should be recorded separately as an estate expense.

Keeping Trust and Non-Trust Finances Separate

Many people these days have some or even most of their assets in a trust. This template is designed to handle both personal (non-trust) and trust-related finances because it’s critical to keep trust and non-trust assets accounted for separately.

Be sure to enter personal assets, liabilities, income, and expenses in the designated “Personal” sections, and trust-related items in the “Trust” sections. This separation will allow you to track and manage the two components independently while still viewing a consolidated summary.

Remember, you can always refer to the sample set of sheets with example data to understand better how the template works and where to enter specific types of information.

You can find the FinalPlanner Estate Finance Tracking Template here.