Final statement after executorship?

poppystar

I am wondering whether a final statement of account should be produced, once an estate has been dealt with, signed by all executors. I can find no clear direction on this.

If so, what should be included?

Whilst there are no beneficiaries who need this information (the main beneficiary is an executor) I am aware that information might have to be provided later on the death of the second spouse showing how much of the nil rate IHT was used on the death of the first spouse. This would be the only occasion I could see for something official being required but as second spouse was an executor anything that needs to be signed clearly has to be done now to prevent future problems.

Hope you experienced executors can guide me.

Thanks

Yorkshireman99

poppystar wrote: »

I am wondering whether a final statement of account should be produced, once an estate has been dealt with, signed by all executors. I can find no clear direction on this.

If so, what should be included?

Whilst there are no beneficiaries who need this information (the main beneficiary is an executor) I am aware that information might have to be provided later on the death of the second spouse showing how much of the nil rate IHT was used on the death of the first spouse. This would be the only occasion I could see for something official being required but as second spouse was an executor anything that needs to be signed clearly has to be done now to prevent future problems.

Hope you experienced executors can guide me.

Thanks

There are, AFAIK, no statutory rules but it is good practice to make sure that those likely to have to deal with a subsequent connected estate be informed i.e. a spouse so that it is easier for their subsequent executor to deal with matters.

nom_de_plume

A quick search of "Estate account" will give some ideas.

poppystar

Yorkshireman99 wrote: »

There are, AFAIK, no statutory rules but it is good practice to make sure that those likely to have to deal with a subsequent connected estate be informed i.e. a spouse so that it is easier for their subsequent executor to deal with matters.

That will likely be me as executor of second spouse which is why I want to be sure that should I need to produce something for HMRC it will be all in order. I've kept copies of all the paperwork related to the estate but wanted to ensure there was nothing I'd missed that might slow things down or produce problems in the future.

I also thought a signed summary account might be either a)required or b) better than the box file of paperwork I currently hold but if it carries no weight will leave things as they are.

Thanks

Mojisola

poppystar wrote: »

I am wondering whether a final statement of account should be produced, once an estate has been dealt with, signed by all executors. I can find no clear direction on this.

If so, what should be included?

How have you managed the estate if you haven't been collecting the account information along the way?

Whoever deals with the second estate isn't going to want to have to go through the box of paperwork to get the necessary information - if the paperwork still exists by the time of the second death.

Just do a simple final account sheet.

joerugby

Here's a simple example:

http://www.redcross.org.uk/~/media/BritishRedCross/Documents/donations/ExampleEstateAccountsv3.pdf

Keep_pedalling

The surviving spouse should keep a copy of the estate accounts with their own will, to make life easier for the executor of their estate.

Yorkshireman99

Mojisola wrote: »

How have you managed the estate if you haven't been collecting the account information along the way?

Whoever deals with the second estate isn't going to want to have to go through the box of paperwork to get the necessary information - if the paperwork still exists by the time of the second death.

Just do a simple final account sheet.

By all means produce a final statement but keep the documentation to back it up just in case it is needed.