Winding up of estate: retaining financial records

Misha96

I executed my uncle's will almost three years ago. Since a fairly rapid probate, all minor debts and taxes have been long paid and the estate distributed. I have retained a pile of paperwork to do with my uncle's savings and investments plus valuations at the time of his death. How long ought I to wait before shredding this data?

Emmia

I've still got the box file of documents relating to the estate I dealt with over a decade ago. It's on a high shelf and I've not yet gotten around to shredding it... 

I'd say 7 years for financial records would be a good rule of thumb.

elsien

Up to 20 years for inheritance tax records, accordingto gov.uk.
https://www.gov.uk/valuing-estate-of-someone-who-died/records

DavidT67

HMRC can investigate for up to twenty years after inheritance tax return filing.  So was there only IHT due ?

Were the executors and the beneficiaries the same persons ?  If so a dispute regarding estate administration seems unlikely.  

Otherwise, keep key documents supporting the distributed estate accounts and any probate valuations for at least seven years. 

Misha96

There was no IHT, only income tax on the estate between death and probate, so I'll use the 7- year rule of thumb.

I was the executor and only financial beneficiary of any consequence.

Savvy_Sue

You could always scan and save virtually... 

SiliconChip

Can anyone provide a justification for keeping 7 years of records where no IHT was due? I certainly didn't keep most of it for more than 1 year after I'd distributed my mum's estate, and I'm unsure who the forum thinks might have a legitimate reason to view them.

user1977

HMRC in relation to any liabilities of the deceased (or the estate) for Income Tax or Capital Gains Tax, for example.

It might also be useful if there are e.g. queries from creditors about alleged debts.