The following Wills & Probate guidance note provides comprehensive and up to date legal information covering:
Section 25 of the Administration of Estates Act 1925 (AEA 1925) gives personal representatives (PRs) a duty to keep accounts of the administration of the estate.
It is also good practice to keep ongoing accounts.
PRs should make full accounts available on completion of the administration for distribution to the residuary beneficiaries.
The accounts must be made available for inspection by any beneficiary or creditor at their request.
If the PRs do not provide information to those properly requesting it, an application may be made by originating summons in the Chancery Division for an order for an account to be rendered.
To produce estate accounts, the PRs must collect and maintain adequate information and documentation.
The PRs must maintain records that enable them to:
prepare accounts from time to time
deal with any tax queries, including the preparation of the Form IHT400 and the tax returns of the estate in the course of administration
respond to a query from any beneficiary
The classic set of account books required is:
The journal should record the assets and liabilities of the estate on death, profits and losses on the sale of investments, transfers, and adjustments that would not be reflected in the cashbook, such as legacies of particular assets. The narrative must give sufficient
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