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Executors or administrators must provide a final estate account.
Before an estate administration can be finalised, the terms of final distribution must be approved by both executors or administrators and beneficiaries. Sometimes, in very straightforward estate administrations, where perhaps the executor is also the sole beneficiary, this can be done very informally. However, where there are multiple beneficiaries, where the terms of distribution are complicated or perhaps where the beneficiaries are mistrusting of the executors or administrations, the executors or administrators can be required (or may even choose to) provide estate accounts to show how the proposed distribution figures have been arrived at.
Estate accounts are a record of values and transactions relevant to the estate administration, showing all movements of funds from date of death to final distribution. Accounts should be made available to beneficiaries on request during the administration in interim form and then at the end of the process before final distributions are made.
Unless instructed otherwise (by all parties), professional trustees will virtually always prepare estate accounts. It helps show transparency over the funds they have received and ensures the beneficiaries have full disclosure prior to confirming their acceptance of the final distribution in full and final settlement of their interests in the estate.
Estate accounts should include a comprehensive record of all financial transactions and activities related to the administration of a deceased person’s estate. They provide a clear overview of how the estate’s assets were managed, debts were settled, expenses were paid and funds were distributed.
This should include the following:
It is crucial to maintain accurate and detailed records when preparing estate accounts to ensure transparency, facilitate auditing if required and demonstrate proper administration of the estate.
Just because you have administered Probate yourselves does not mean you cannot approach a professional to prepare final accounts for you.
The experienced team at Price Slater Gawne works closely with families who require our expert advice and guidance. Our specialist team is experienced in many different aspects of Probate and preparing estate accounts. If you would like to speak to a member of our team, please contact 03333 058375 or email WealthProtection@psg-law.co.uk.
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