Final Estate Accounts

badger09

I've now completed administration of my late sister's Estate.
Co-executor reserved powers, Probate was granted in July and property sold in November.

Joint beneficiaries are her 2 adult children (my niece & nephew) whom I have kept informed at every step. I have now agreed Estate admin period liability with HMRC and distributed the balance of the Estate funds.

I've prepared 3 spreadsheets: Cash, Estate Current Account, and Income and Expenditure Summary. Co-executor had agreed these.

Is it sufficient to send these to the beneficiaries and request their agreement? Or is there something else I should include?

Thanks again for the help I've received here during this process.

getmore4less

You don't need agreement from anyone.

As long as the inventory and account includes a list of all assets at DOD and where they went that is enough, it can be quite condensed(you don't need ever stamp itemized, expenses is enough).

If what you have does that print them off and give the interested parties a copy.

You need a printed copy for your files.

badger09

getmore4less wrote: »

You don't need agreement from anyone.

As long as the inventory and account includes a list of all assets at DOD and where they went that is enough, it can be quite condensed(you don't need ever stamp itemized, expenses is enough).

If what you have does that print them off and give the interested parties a copy.

You need a printed copy for your files.

Thanks

If I don't need the accounts agreed by anyone, what's the point in sending them? (genuine question:o)

getmore4less

Transparency and removes one opportunity for them to be unhappy.

If they ask for an explanation where all the money has gone as what they got was less than they though, the first thing they get is the inventory and account.

From that they can then ask for more details and a breakdown of expenses if not happy.

eg. The expenses show you used 1st class stamps and recorded delivery when second class with proof of postage(free) would have been adequate and cheaper.

Linton

Without the accounts the beneficiaries may have unjustified concerns as to whether the estate was managed correctly. They may have justified concerns, in which case the accounts give them something specific to question.

badger09

@getmore4less and Linton

Thanks both.

Throughout this whole process I have been totally transparent with both beneficiaries, so the accounts will contain no surprises for them.

When I send the accounts, I will obviously give them the chance to ask any questions or seek clarification. I'm perfectly happy for them to have access to whatever documents they want.

I'm really not trying to be awkward, but surely, by asking them both to signify their agreement, I can draw a line under this and file everything away, knowing I've done the job my sister trusted me to do.

Yorkshireman99

badger09 wrote: »

@getmore4less and Linton

Thanks both.

Throughout this whole process I have been totally transparent with both beneficiaries, so the accounts will contain no surprises for them.

When I send the accounts, I will obviously give them the chance to ask any questions or seek clarification. I'm perfectly happy for them to have access to whatever documents they want.

I'm really not trying to be awkward, but surely, by asking them both to signify their agreement, I can draw a line under this and file everything away, knowing I've done the job my sister trusted me to do.

Verbal thanks from them is enough. Sounds like you have been a good executor.

SevenOfNine

badger09 wrote: »

@getmore4less and Linton

Thanks both.

Throughout this whole process I have been totally transparent with both beneficiaries, so the accounts will contain no surprises for them.

When I send the accounts, I will obviously give them the chance to ask any questions or seek clarification. I'm perfectly happy for them to have access to whatever documents they want.

I'm really not trying to be awkward, but surely, by asking them both to signify their agreement, I can draw a line under this and file everything away, knowing I've done the job my sister trusted me to do.

We gave the beneficiaries an outline of the accounts BEFORE distributing the balance of funds (we'd made interim payments), so any clarification/queries could be dealt with prior to having no funds left in the executors a/c.

None had any questions so the final balance was by cheque (too much for bank trans anyway), with the proviso (though undoubtedly not legally binding) that encashment meant agreement with the accounts they'd already had sight of.

Tom99

I sent each beneficiary a copy of my ongoing 'account' spreadsheet with every update email, including the final one, just adding if they had any queries to contact me.
There is no actual legal requirement to send accounts to anyone, its just good practice to send them to the residual beneficiaries.

Yorkshireman99

Tom99 wrote: »

I sent each beneficiary a copy of my ongoing 'account' spreadsheet with every update email, including the final one, just adding if they had any queries to contact me.
There is no actual legal requirement to send accounts to anyone, its just good practice to send them to the residual beneficiaries.

I think you will find that residuary beneficiaries ARE entitled to a copy of the accounts. Giving others a copy is both good practice and courteous. In my experience bereaved people appreciate this. Compared to all the other work an executor has to do it not an arduous extra task. Personally I have always found doing a good job as an executor hard works but very satisfying.

badger09

Yorkshireman99 wrote: »

I think you will find that residuary beneficiaries ARE entitled to a copy of the accounts. Giving others a copy is both good practice and courteous. In my experience bereaved people appreciate this. Compared to all the other work an executor has to do it not an arduous extra task. Personally I have always found doing a good job as an executor hard works but very satisfying.

Me too. I just wish I hadn't had to do it this time, but pleased my sister trusted me to do a good job for her.

My sister was 13 years older than me, and the last of my (older) immediate family. Despite living very different lives, 200 miles apart, we were close. And I miss her.

Anyway, I've decided to send the final accounts to the beneficiaries, give them the chance to ask any questions, and ask for their agreement.

Thanks for all the responses.