Can anybody direct me to a suitable account template/guide etc.?
Relatively simple estate, no debts except possibly utilities etc., executor's expenses. Assets are several bank accounts and a house.
Testatrix was sole surviving parent, only beneficiaries three children (one of whom executor).
(IHT not an issue).
Not a template as such, but this might help. Scroll down to 'What is included in Estate Accounts'
Yorkshireman99 Posts: 5,470 ForumiteNothing very formal is needed bit keep it simple. Strictly only residuary beneficiaries need to see accounts. As long as the family are all harmonious showing them all is not a problem though.
Tom99 Posts: 5,371 Forumite
I used a spreadsheet and:
Listed every item of expenditure with date
Listed every item of income with date
List all interim and final payments to beneficiaries
Inheritance Tax calculation on a separate tab
CGT calculation on a separate tab
Solicitors house sale completion statement on a separate tab
Summary on one tab
It would be very helpful if more experienced members can share a blank template for this purpose. Thanks
I just used the online IHT205 form. That lists everything you need to know for assets and debts. As for distribution that follows what the will directs.
Name - Deceased
Date of Death:
Date accounts prepared:
Who prepared accounts
Assets:
Bank X £
Bank Y £
Premium Bonds £
Any town Bond £
BT shares £
Table shares £
Refund of car tax £
Refund of council tax £
Personal effects £
Individual valuable item (eg jewellery / painting /antique) £
Payments/debts:
Law gazette £
Funeral £
Wake / reception £
British Gas final electric bill £
EON final gas bill £
Seven Trent water final bill £
Payments to beneficiaries:
Joe Bloggs £
Gemma Bloggs £
Graham Bloggs £
Amount available to residual beneficiaries £
÷ amount of residual beneficiaries (eg 3, 7 etc)
Amount due to residual beneficiaries:
John Smith £
Fred Thomas £
Etc etc
That's the way I used to do it, on a spreadsheet so it could all be tidied up / formatted and look pretty.
Mortgage started 2020, aiming to clear it in 2026.
Excel spreadsheet 5 columns headed: Date /Description/ Income / Ependiture / Running Total (with a formula to auto calculate + or - the Inc / Exp entries as I went along.
Kept supporting paperwork filed in the same strict date order in a lever arch file. All simple & organised. Don't over think this, do ensure you have receipts for all expenditure. The tidier you are, the easier it will be.
As YM99 says, only residual beneficiaries are entitled to see them. In the interest of openess we did send ours a copy of the spreadsheet occasionally as we went along.
When completed we sent the final accounts, cheque form dosh & an invitation to come & look through all the supporting paperwork if they so wished. I wasn't prepared to muck about getting 4 copies of all that stuff & I certainly wasn't going to hand it over.
