THE ROLE OF EXECUTORS IN ESTATE ACCOUNTING: AN EVALUATION OF ACCOUNTABILITY AND TRANSPARENCY IN NIGERIA'S PROBATE SYSTEM

Abstract

Estate accounting is an indispensable function in the administration of a deceased person’s estate, involving the systematic recording and reporting of the estate's financial activities by executors. In Nigeria, the executor, appointed by a valid will and recognized through the grant of probate, is legally and ethically bound to account for all estate dealings, including asset collection, debt payment, and distribution to beneficiaries. Statutory frameworks such as the Administration of Estates Law, Wills Laws of various states, and Probate Rules provide a regulatory foundation for estate administration. Despite the critical fiduciary responsibilities entrusted to executors, challenges such as inadequate training, inconsistent asset valuation, and weak regulatory oversight often undermine the reliability of estate financial reports. Employing a descriptive survey design, data were collected from 200 probate officers, legal practitioners, accountants, estate valuers, and private executors across four Nigerian states using structured questionnaires and semi-structured interviews. Quantitative analysis, including descriptive statistics, Pearson’s correlation, and regression, revealed significant positive relationships between executorship accounting practices, asset valuation accuracy, and the reliability of estate reports. Thematic analysis of qualitative data further highlighted gaps in executor competence and transparency issues. The study recommends targeted training programs for executors, standardized accounting and reporting procedures, routine audits, and enhanced communication with beneficiaries. Strengthening these areas will improve estate administration, protect estate assets, and foster greater trust among stakeholders in Nigeria’s probate process