The following Trusts and Inheritance Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
Under theAdministration of Estates Act 1925, s 25 thepersonal representatives are under a legal obligation to give an account of their stewardship of thefunds for which they are responsible when called upon by thebeneficiaries to do so. The duties of thepersonal representatives are stated as follows:
In collecting theestate, an accurate record must be kept of all themonies received and paid. The preparation of estate accounts is a matter of good practice. A financial record of theadministration will make sure that all assets have been collected in, liabilities duly discharged and that thebeneficiaries have received what they are entitled to either under theterms of thewill or therules of intestacy. In addition, theaccounts will assist thepersonal representatives with thecompletion of tax returns required for theadministration period. See theRequirement for estate accounts and Format for estate accounts guidance notes. In order to prepare accounts and distribute theestate, thefunds must be kept safe in a designated bank account and each transaction must be identifiable.
As bank accounts are closed and assets sold, theproceeds should preferably be collected in just one designated account. The account can either be a
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