Executor Duties

Habib2342

Hello,

I am in the middle of carrying out the duties laid our in my later mother's will . Hoping all should be completed in the next couple of months.

Do I have to keep a record of how her estate has been distributed- will this be requested by the probate or HMRC at a later stage ? Will an audit be carried out. ? I have kept records of how monies have been distributed, just waiting on the house sale to complete an a trust fund to be setup for my brother. 

There's only 4 beneficiaries mentioned in the will- myself, brother, uncle and aunt. None of them have raised an issue so far, so just wondered if HMRC will request the breakdown at a later stage. 

Thanks

Linton

As executor you must provide detailed accounts showing all estate income and expenditure to all remaindermen ( ie those not given %s of what is left rather than specific sums of money or other assets) once the estate has been distributed.

HMRC are not interested.  

mybestattempt

Linton said:

As executor you must provide detailed accounts showing all estate income and expenditure to all remaindermen ( ie those not given %s of what is left rather than specific sums of money or other assets) once the estate has been distributed.

HMRC are not interested.  

There is a requirement to keep records which includes the distribution of the estate:


https://www.gov.uk/valuing-estate-of-someone-who-died/records


HMRC may become interested at some future point in time and have many years to do so.