Winding up Estate query

Curlylady

Hello,
After a year since mum passed away, and a gruelling year of processing the estate as the executor, I am weeks away to finally closing the estate. House is sold and waiting to sign contracts, the solicitor will deal with paying each of the beneficiaries, 3 of us, that bit is easy. I am about to pay the DWP their request for overpayment, there will be some cash assets to split equally.

My question is as executor, what do I need to provide the beneficiaries (my brothers) with in terms of paperwork? I have kept a spreadsheet of all outgoing payments & an account of the receipts. Am I missing anything?

Any words of advice welcome.:)

da_rule

You don't need to provide them with anything, however you can provide them with a statement.

This will generally give all of the assets in the estate (bank accounts, proceeds of house sale etc) then show any payments (DWP, selling fees etc) you have made and the remainder will be the value of the estate. Then it is just a case of dividing this by 3 and distributing the money.

Keep_pedalling

da_rule wrote: »

You don't need to provide them with anything, however you can provide them with a statement.

This will generally give all of the assets in the estate (bank accounts, proceeds of house sale etc) then show any payments (DWP, selling fees etc) you have made and the remainder will be the value of the estate. Then it is just a case of dividing this by 3 and distributing the money.

Residual beneficiaries, such as the OPs siblings should be provided with a copy of the estate accounts.

Sevennotemode

investment statements etc - does she have to provide them ?

I know that executors have all the powers but how about residual beneficiaries ?
Is it just a copy of the estate accounts and no more ?

And if they do ask for more are executors quite within their rights to say no - after all
the deceased has given all the trust to the executor,not the beneficiaries.

Yorkshireman99

Sevennotemode wrote: »

investment statements etc - does she have to provide them ?

I know that executors have all the powers but how about residual beneficiaries ?
Is it just a copy of the estate accounts and no more ?

And if they do ask for more are executors quite within their rights to say no - after all
the deceased has given all the trust to the executor,not the beneficiaries.

Residual beneficiaries are entitled to the detail. Executors need to be open with beneficiaries. Trust is a two way street.

Keep_pedalling

Sevennotemode wrote: »

investment statements etc - does she have to provide them ?

I know that executors have all the powers but how about residual beneficiaries ?
Is it just a copy of the estate accounts and no more ?

And if they do ask for more are executors quite within their rights to say no - after all
the deceased has given all the trust to the executor,not the beneficiaries.

The estate accounts should provide everything they need to know, what extra information would you expect?

Mojisola

Curlylady wrote: »

My question is as executor, what do I need to provide the beneficiaries (my brothers) with in terms of paperwork? I have kept a spreadsheet of all outgoing payments & an account of the receipts. Am I missing anything?

I used a solicitor to help deal with Dad's estate and he said that very basic paperwork was all that was needed - what was in each account, etc, at the time of the death; the total of the executor's expenses; money paid out to funeral director, DWP, estate agent, solicitor, etc, and the final amount.

The beneficiaries had to sign to accept the estate accounts before the money was paid out. If anyone challenged the accounts and wanted a lot more detail, the costs would have come out of the estate and everyone's share would have been reduced.

PasturesNew

It depends what they're like. A simple statement showing where income came from - and what had to be paid out, then the balance at the bottom, should be enough.

In my/our case, one sibling did all the work and we received the final few quid ... and she said she'd send the figures across, but didn't - and I don't care as I trust her implicitly.

There's no way I doubt a single penny of anything that could be produced in a statement ....

If your family are good/reasonable then they might also be of the same mindset as me.