Estate Accounts

ESTATE ACCOUNTS

 

All the forms you submit to HMRC and the Probate Registry will be analysed so you need to keep account of your work. If we have completed Probate for you we will retain a physical file for this part of this process.

 

You should keep copies of cheques you write and all money that you pay out by transfer.

 

Reasonable costs may be claimed but you cannot claim against the estate for your time.

FINAL ACCOUNTS

 

Prepare a final summary, from your Master Financial Summary (completed yourself or prepared by us):

 

Assets at date of death

Liabilities at date of death

In addition:

 

Income received during administration eg on rental property, interest

Changes in asset value (eg a rapidly appreciating house)

Administrative expenses incurred

Finally:

 

Distribution of legacies and residue to beneficiaries

HMRC POWERS

HMRC can review the liability to Inheritance Tax even after the Grant has been issued. You must keep all records.

KEEP EVERYTHING FOR 12 YEARS!