Estate Accounts Summary

SeaGal

I am the executor for my fathers estate and I have been dealing with probate myself. I am now at the stage of writing the final estate accounts to be submitted to the beneficiaries. I have been using the following guides to help me:

How to draft a set of estate accounts by Steele Rose

Bereavement Advice Centres Step-by-step guide to completing probate

-Does anyone know of any other good sources of information about how the accounts should be set out, and what each section should include? 

On the Co-ops guide to What are estate accounts, it states that if any beneficiary has received any assets directly or paid any liabilities directly, this should also be detailed and accounted for in the distribution account.

- As an executor and also beneficiary I have been using a bank account in my name to pay out and receive funds relating to the estate. I have so far included them in the relevant sections in either the Value of Assets or Liabilities at date of death. Should I move those items to the Distribution Summary area?

The gazette advises that once all debts and taxes have been paid, you can distribute the estate as detailed in the will, provided that it’s been at least 6 months since you applied for probate – to make sure any inheritance claims haven’t been made.

- We applied for probate on 8th May 2022, probate was granted on 17th June 2022. Do I need to wait until after 8th November to distribute the assets?

Thank you in advance for your help

RAS

Have you put an advert in the Gazette?

SeaGal

Yes. All done and dusted and the 2 months were up on 11th July 2022. Thank you

Robert_McGeddon

SeaGal said:

-Does anyone know of any other good sources of information about how the accounts should be set out, and what each section should include?

I would say don't overcomplicate things. Clarity and simplicity - so the residual beneficiaries can understand the assets and distribution thereof - is what you're after.  Indeed if youre on good terms with the other RBs why not send them a draft and invite comments before finalisation?

You can make an interim distribution now (maybe 80%?) and a final distribution when you're sure all liabilities are accounted for.

TripleH

You can have expenses as a lump sum but have a breakdown of what makes up that lump sum.