Executors and beneficiaries - signing off accounts

Rufty1

Hello, I have been getting conflicting advice regarding finalising accounts for an estate.  I am one of two executors for a simple estate so no solicitors have been involved so far.  I believe the two executors have to sign off the accounts - but what does that really mean in practice?  Do the two beneficiaries also have to sign off the accounts or not? Do they just receive the appropriate amount of the estate? Is there anything else to be aware of? Thanks for the advice.

SeniorSam

I believe that the Executors only need sign the accounts, They should also have ensured that the entire estate has been accounted for, all bills paid and distribution in accordance with the Will.

Hopefully the beneficiaries will not question the results in any way, but the executors have the liability to ensure that all is correct and there are no outstanding claims on the estate.

SiliconChip

According to https://www.gov.uk/probate-estate

the executors distribute the estate, "After this you can prepare the estate accounts. These must be approved and signed by you and the main beneficiaries."

And under prepare the state accounts it says

"Final accounts

Include any documents showing how you distributed money, property or personal belongings from the estate, for example:

• letters from HMRC confirming that you paid Inheritance Tax
• receipts showing debts paid, for example utilities bills
• receipts for your expenses from dealing with the estate
• written confirmation that ‘beneficiaries’ (anyone who inherited) received their share of the estate

Send copies of the final accounts to all beneficiaries."

The highlighted part suggests that you need to get acknowledgement in writing from all beneficiaries that they have received what you've sent them, although there's nothing to say that they must agree that the accounts were correct (although presumably if they don't agree they would challenge the accounts anyway).

Keep_pedalling

SiliconChip said:

According to https://www.gov.uk/probate-estate

the executors distribute the estate, "After this you can prepare the estate accounts. These must be approved and signed by you and the main beneficiaries."

And under prepare the state accounts it says

"Final accounts

Include any documents showing how you distributed money, property or personal belongings from the estate, for example:

• letters from HMRC confirming that you paid Inheritance Tax
• receipts showing debts paid, for example utilities bills
• receipts for your expenses from dealing with the estate
• written confirmation that ‘beneficiaries’ (anyone who inherited) received their share of the estate

Send copies of the final accounts to all beneficiaries."

The highlighted part suggests that you need to get acknowledgement in writing from all beneficiaries that they have received what you've sent them, although there's nothing to say that they must agree that the accounts were correct (although presumably if they don't agree they would challenge the accounts anyway).

Unfortunately a lot of these .gov web sites can be confusing and are often wrong. There is no legal requirement to have the main beneficiaries sign off the accounts, neither is there a requirement to provide all beneficiaries with a copy of the accounts as it says on the page about what should be included in the accounts. 

SiliconChip

Keep_pedalling said:

SiliconChip said:

According to https://www.gov.uk/probate-estate

the executors distribute the estate, "After this you can prepare the estate accounts. These must be approved and signed by you and the main beneficiaries."

And under prepare the state accounts it says

"Final accounts

Include any documents showing how you distributed money, property or personal belongings from the estate, for example:

• letters from HMRC confirming that you paid Inheritance Tax
• receipts showing debts paid, for example utilities bills
• receipts for your expenses from dealing with the estate
• written confirmation that ‘beneficiaries’ (anyone who inherited) received their share of the estate

Send copies of the final accounts to all beneficiaries."

The highlighted part suggests that you need to get acknowledgement in writing from all beneficiaries that they have received what you've sent them, although there's nothing to say that they must agree that the accounts were correct (although presumably if they don't agree they would challenge the accounts anyway).

Unfortunately a lot of these .gov web sites can be confusing and are often wrong. There is no legal requirement to have the main beneficiaries sign off the accounts, neither is there a requirement to provide all beneficiaries with a copy of the accounts as it says on the page about what should be included in the accounts. 

I must admit that after I quoted it I found other places (solicitor websites for example) that contradicted it. I've found the earlier steps in the Death and Bereavement section on gov.uk to be quite helpful but there are indeed examples elsewhere on the site that are either misleading or completely wrong.

getmore4less

The key is the inventory and account.

If anyone want to complain that's the first think they request.

No reason not to give that out especially to residual beneficiary.

Mark2spark

The written confirmation that the beneficiaries received their share is as simple as the bank account payment shown on the statement that the money was sent.