Probate Final Account and Distribution

IreneMot

Hello all, 

We are at the final stages of the probate. On the Gov website it is saying that you should send distribution and then send out the final account (FA). This feels like it is the wrong order to me? 

I am guessing the final account needs to be a hard copy and not sent by email? It would be nice if you could, but I understand why it can't. 

From my understanding, the beneficiaries don't need to approve the final account and only really needs signing by the executors. Should I ask for approval when getting the bank details or just leave it? It is an intestate estate, not sure if this make a difference? 

The Final account is very well detailed and breakdown anything that has happened from mistake with HMRC giving the estate £200k by accident to the basic income and selling of chattel. 

Is the anything else I should be adding to the document?

JGB1955

I was sole executor and would only have sent out a statement of account if a residual beneficiary asked for it.

badmemory

As far as I am aware only a residual beneficiary is entiltled to an account.  Not someone whose inheritance is a fixed amount as the account would not affect any payment they would receive.  I would have thought it as good to send it via email then they can check it actually lands in their bank, provided they regularly look at their emails of course.

BooJewels

Indeed @badmemory - only residuary beneficiaries have a right to them - I don't think it should only be if they ask for them @JGB1955 - I think they should be offered as a courtesy, so that they know just how you've arrived at their percentage.

On the last estate I did where my sister and I were executors and there was a third residuary beneficiary, I emailed the third person just before I made each payment (it ended up in 3 increments) with an explanation of how I'd derived the figure for that particular instalment and asking her to confirm that payment arrived.  The biggest instalment was after the sale of a property, so I sent the solicitors conveyancing statement with that and with the last one, I emailed a quick precis of the accounts to show my calculation for her share - and then posted a nicely bound copy of the printed detailed accounts that my sister and I each signed.  

It also perhaps depends on what terms you're on with the beneficiaries as to how you do it.  With someone who I either didn't know, had a difficult relationship with or there was any dispute or acrimony, I'd want to keep it very official and proper.  In that case above, it was all very friendly and I was consequently very happy to share any details and would and did answer any questions raised.

IreneMot

Thank you for the reply. I will have a talk with the beneficiaries.  One of the beneficiary as a Deed of Variation to give their share away to someone else. Would the new person count as a residuary beneficiary or not? I don't think they, but was a bit unsure. 

BooJewels

IreneMot said:

Thank you for the reply. I will have a talk with the beneficiaries.  One of the beneficiary as a Deed of Variation to give their share away to someone else. Would the new person count as a residuary beneficiary or not? I don't think they, but was a bit unsure. 

I think the way I'd maybe handle that would be to note the DoV in the accounts and who the final recipient was and what they got in the distribution, then give the copy of the accounts to the original beneficiary, but perhaps not the new recipient.  The new recipient has actually received a gift, you're not fulfilling an obligation to them, but you are to the originally named beneficiary.  If the new recipient wanted further details, they could ask the person who gifted it to them.

I don't know if that's the correct way to do it, as I've never done a DoV, maybe others can comment.

Keep_pedalling

BooJewels said:

IreneMot said:

Thank you for the reply. I will have a talk with the beneficiaries.  One of the beneficiary as a Deed of Variation to give their share away to someone else. Would the new person count as a residuary beneficiary or not? I don't think they, but was a bit unsure. 

I think the way I'd maybe handle that would be to note the DoV in the accounts and who the final recipient was and what they got in the distribution, then give the copy of the accounts to the original beneficiary, but perhaps not the new recipient.  The new recipient has actually received a gift, you're not fulfilling an obligation to them, but you are to the originally named beneficiary.  If the new recipient wanted further details, they could ask the person who gifted it to them.

I don't know if that's the correct way to do it, as I've never done a DoV, maybe others can comment.

The beneficiary who made the DoV no longer has an interest in the estate, so I would not bother giving them a copy of the accounts.

if they were a residuary beneficiary then the replacement beneficiary becomes one. I think the OP is over thinking this, just distribute the estate and give all residual beneficiaries a copy of the accounts, no need to consult them or get them to sign anything off.