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Clare
Clare, Family Solicitor
Category: UK Family Law
Satisfied Customers: 34023
Experience:  25 years experience of all aspects of family law
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Is it a requirement (legal) for the executor (me) of an

Customer Question

Hello, Is it a requirement (legal) for the executor (me) of an estate to disclose *full* estate accounts to all beneficiaries or simply *total* funds available for distribution?Do beneficiaries have a legal right to approve the estate accounts or can the executor simply distribute bequests per the will?
If the former, are the accounts legally required to be as at date of death or simply funds in accounts as at today's date?Thank you in advance.
Submitted: 7 months ago.
Category: UK Family Law
Expert:  Clare replied 7 months ago.

Thank you for your question

My name is ***** ***** I shall do my best to help you.

There are two types of beneficiaries.

There are those who are given specific gifts - and those who share the whatever is left - the "residue".

The residuary beneficiaries are entitled to a copy of the final accounts - and it is usual to ask them to accept them prior to the final distribution.

However technically you can distribute without this formal acceptance - it is merely a matter of ensuring that if they are going to raise a claim the executor still has funds with which to resist it.

I hope that this is of assistance - please ask if you need further details

Customer: replied 7 months ago.
Hi Clare,Many thanks for your response.Currently, all beneficiaries are residue-based, i.e. a % of the residual estate.Re this aspect: "Are the accounts legally required to be as at date of death or simply funds in accounts as at today's date, i.e. following disbursements and payments in after death?" - what were your thoughts please?
Many thanks.
Expert:  Clare replied 7 months ago.

The accounts should show all the assets and all the expenses

such as this one

http://www.redcross.org.uk/~/media/BritishRedCross/Documents/donations/ExampleEstateAccountsv3.pdf

Customer: replied 7 months ago.
Thank you for that Clare. That assists with the layout, so that's helpful but "Are the accounts *legally* required to be as at **date of death** or simply funds in accounts as at today's date, i.e. following disbursements and payments in after death?"Please, if possible, would you clarify that last point?
Very many thanks.
Expert:  Clare replied 7 months ago.

The accounts should reflect all the dealings with the estate - we are not speaking about bank accounts here.

These accounts show what assets there were at the date of death, income received by the estate, and payments made out of the estate - so essentially it shows both

Customer: replied 7 months ago.
OK. Thanks.
Expert:  Clare replied 7 months ago.

You are most welcome

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