Format for estate accounts

Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance

Format for estate accounts

Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance
imgtext

Introduction

Estate accounts give a linear account of the process of the administration. The account begins with a list of everything the deceased owned at the date of death, and goes on to show how the assets have been realised, expenses paid, and the value distributed to beneficiaries.

There are no prescribed rules as to the form the accounts should take but the overriding requirement is that they should be clear, accurate and easy for the personal representatives and beneficiaries to follow. For a straightforward administration where the residuary beneficiaries are absolutely entitled and the personal representatives are concerned to keep down the legal costs having regard to the size of the estate, a simple cash account with receipts on one side and payments on the other will normally suffice.

For a larger estate, a more detailed set of accounts will be appropriate. The following sections describe the customary elements of a set of estate accounts. It is recommended that this guidance note is read in conjunction with the fictional Estate

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, generative tax AI, and tax research, register for a free trial of Tolley+™
Powered by Tolley+

Popular Articles

Taxation of dividend income

Taxation of dividend incomeIntroductionA dividend is a distribution of profit by a company to its shareholders.A dividend is not only a payment in cash. It can be the issue of new shares in exchange for forfeiting the right to a cash payment (a stock dividend). For more detail, see the Cash

14 Jul 2020 13:48 | Produced by Tolley Read more Read more

Special rate pool and long life assets

Special rate pool and long life assetsSpecial rate poolExpenditure on some types of plant or machinery must, if neither annual investment allowance (AIA) nor first year allowances (FYAs) are available, be allocated to a ‘special rate pool’. Expenditure to be allocated to the special rate pool

14 Jul 2020 13:41 | Produced by Tolley Read more Read more

Research and development (R&D) relief ― overview

Research and development (R&D) relief ― overviewThis guidance note provides an overview of the research and development (R&D) tax reliefs for companies.See the Research and development tax relief summary diagram which summarises the R&D tax relief.See also Simon’s Taxes D1.401.For a factsheet which

14 Jul 2020 12:22 | Produced by Tolley in association with Will Sweeney Read more Read more