Every executor or administrator is under a duty to keep a record of how they administer the estate (probate accounts) and to report to the beneficiaries. In most estates it is not necessary for the probate accounts to be filed with the Court or for them to be passed (or approved) by the Court.
Beneficiaries of both an estate and a trust are generally entitled to a right of inspection of the accounts that the executor or trustee is in turn obliged to maintain.
An executor must notify the beneficiaries of the Will: All beneficiaries must be located and contacted (including those who are overseas). Debts and liabilities must be dealt with:Debts must be paid, or passed on. If you are an Executor, you'll need to establish a complete picture of the deceased's finances.
The bank will also need to verify your own authorisation before allowing access to your loved one's accounts. The bank will usually need to see original versions or certified copies of the following documents: the deceased person's death certificate, their current Will, and the deeds of any trusts they held.
The Executor only has a duty to inform each beneficiary of the nature and extent of their entitlement from the Estate under the Will. This includes when the beneficiaries might expect to receive their entitlement.
Residuary beneficiaries are additionally entitled to receive a copy of the estate accounts, once these have been prepared, so that they can see how their share of the inheritance has been calculated.
Getting copies of bank statements
Once you have found out what bank accounts were held by the deceased and have notified the relevant banks of the death, you should be able to request copies of bank statements.
Is there anything you can do if an executor does not provide estate accounts? Executors and other personal representatives do not have to provide the estate accounts until the process of administration is complete.
It may only take three to five weeks if there are no complications, inheritance tax is not payable, the estate is straightforward and all forms are filled in properly. However, in more complicated cases, it may take much longer.
No, generally, beneficiaries cannot demand to see the decedent's bank statements unless they are also a personal representative of the estate. However, it is within the executor's discretion to share bank statements with beneficiaries upon request.
Where the executor has not paid the legacy to the beneficiary within 12 months from the date of death, the beneficiary is entitled to claim interest until the legacy is received.
The simple answer is no. The executor has the authority to hold the assets for a certain time for safe-keeping before distributing it. But he cannot withhold assets for any selfish benefit. In a few rare situations, the fee of an executor exceeds the value of the estate in which case he will have to take everything.
The only people entitled to receive a copy of the Estate Accounts are the Residuary Beneficiaries of the Estate. A Residuary Beneficiary is someone who is entitled to a share of what's left in the Estate once all the funeral expenses*, debts, taxes and other gifts have been settled.
The Will will also name beneficiaries who are to receive assets. An executor can override the wishes of these beneficiaries due to their legal duty. However, the beneficiary of a Will is very different than an individual named in a beneficiary designation of an asset held by a financial company.
While traditionally, beneficiaries are associated with life insurance policies, IRAs, annuities, etc., you actually can add a beneficiary to your bank account. Doing so makes the process of transferring money after you pass away easy and obvious for the person you want the money to go to.
There is no specific amount of commission an Executor is entitled to. However, the court will typically award a commission in a lump sum or percentage of the estate. Here is an estimate of the ranges: 0.25% to 1.25% of the value of transferred assets.
• House clearance. • Property insurance. • Maintenance costs, such as gardening or cleaning. • Other reasonable expenses such as substantial travel or postage costs. The estate will also pay all debts owed by the deceased, such as Income or Inheritance Tax and utility bills.
As long as the expense can be justified as a legitimate cost related to their role and receipts are recorded and kept as part of the estate accounts, an executor's costs can be reimbursed from the estate.
Final accounts
receipts showing debts paid, for example utilities bills. receipts for your expenses from dealing with the estate. written confirmation that 'beneficiaries' (anyone who inherited) received their share of the estate.
Residuary beneficiaries do need to approve the estate accounts. In this way they can see how their entitlement has been calculated and can review the actions of the executor, as they would be entitled to pursue the executor for any maladministration.
An Executor or Administrator has a statutory duty to produce a final Estate Account which can be enforced by the Court. This account will illustrate what money has come in and out of the Estate, listing all assets, liabilities (debts), administration expenses and the final amount to be distributed to the Beneficiaries.
An Executor who finds that the beneficiaries are suspicious of him, despite no wrongdoing, is free to voluntarily file a formal accounting to prove that the books are in order and the proposed distributions are correct. Either way, a formal accounting is a unique, self-contained action in the chancery court.
Is Probate Always Needed? You don't always need probate to access a deceased person's bank accounts. Usually this is for one of two reasons. Firstly, if the bank account is held in joint names and the other person is still alive, he/she can continue to use the bank account.
Applying for probate is the first step in dealing with someone's estate. But in order to approve your grant, the government needs to see a clear picture of the estate's value. This includes things like property, debts, bank accounts, pensions and other financial assets.