Producing the Final Accounts

You're nearly over the finishing line; just one last effort! Your final job as an executor or administrator is to produce the estate accounts for the main beneficiaries. If you've been thorough during the probate process and kept all the paperwork tight, this should be a breeze.

The accounts should set out clearly the following information:

Producing the Final AccountsAll taxes paid. In the case of inheritance tax, this means keeping a copy of Form IHT 30 showing that no more IHT is due.

Producing the Final AccountsAll creditor accounts settled. You should have receipts from creditors.

Producing the Final AccountsAll beneficiaries receiving a gift. You should have got all the beneficiaries to sign a receipt for their gift.

Producing the Final AccountsAll testamentary expenses. In short, every penny you spent as an executor or administrator should be accounted for, from postage stamps to the paying of solicitor's fees.

Once you have drawn up your accounts, send all the beneficiaries a copy. The beneficiaries should indicate that they are happy with the way in which these accounts are set out.

Her Majesty's Revenue & Customs (HMRC) may request a copy of the estate accounts for their files.

Producing the Final Accounts

A copy of the estate accounts must be kept for 12 years after probate.

That's it – your job's over. Put your feet up, have a nice rest; after all that hard work, you deserve it!

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