How to Ensure that Executors are Honest in Dealing With an Estate

emc

nad1611 wrote: »

Take a look at this http://desktoplawyer.co.uk/dtl/index.cfm?event=base:article&node=A76991BD77118

It seems to suggest that this Estate Account is something which has to be done by the Executor/s after the assests have been distributed. If this isn't done then obviously you would be within your rights as a beneficiary to contest or apply to the Court.

Thanks for the useful link.

From what you say, the Estate Account is at a fairly high level, probably totals for assets, liabilities, and tax, which means that it would be difficult to check and confirm that everything is accounted for.

It's a shame there are not regulations on the level of detail available to beneficiaries, as not everyone is as dedicated and straight as yourself and your husband.

Thanks again to all of you for your helpful comments.

RAS

EMC

Are you in Scotland because I think that link refers to Scottish law, which is very different from English law.

emc

RAS wrote: »

Are you in Scotland because I think that link refers to Scottish law, which is very different from English law.

nad1611's link is to desktoplawyer, which has sections for both legal systems, 'Obtaining Probate' for England, Wales and N Ireland, and 'Obtaining Confirmation' for Scotland.

The principle should be the same under both legal systems, that the executors of an estate should be accountable to the beneficiaries:

"Estate account

The final step in the administration of the estate is likely to be the preparation of the estate administration accounts for the residuary beneficiaries. The purpose of the accounts is to show all the assets of the estate, the payment of debts, administration expenses and gifts, income accrued, payments on account made and legacies paid and the balance remaining for the residuary beneficiaries. The balance will normally be represented by a combination of assets transferred to the beneficiaries in kind or cash. Approval of the accounts is shown by signature of the beneficiaries on the accounts. Their signature will also release the PRs from further liability to the beneficiaries in the absence of fraud or failure to disclose assets."

Lennie08

An Estate Account is a document that is produced at the end of a probate matter. It will have a column of all assets received in and then a column of all liabilites and beneficial entitlements paid out and both columns should then add up to the same.

All beneficiaries will be supplied with a copy of the same.

A document called an IHT205 has to be completed, alongside a Oath for Executors (or administrators) and these have to be presented to the Probate Registry who seal the document and it becomes official. This sealed Oath is then sent to all asset holders who then release funds to the estate. There is also a HM land registry form called an R27 that requires filling in to see if tax has been overpaid or underpaid after death.

If the matter is being dealt with through a solicitor then the Executors cannot touch any of the money until it is time for distribution and then only if they are themselves a beneficiary or they have had out of pocket expenses.

Any banks closing accounts will either issue cheques or bank payments in the name of the solicitor or "To the Executor in the Estate of ........................" so it would be quite hard for them to cash.

HTH