ChatterBank3 mins ago
Residuary Beneficiary Final Account Statement
3 Answers
I am the sole executor of a will. I was granted probate and distributed to all pecunary beneficiaries accordingly. The sole residuary beneficiary has already received 95% of their entitlement of the will . The final last payment will be made when I can collate what is left to issue. They wish to have an accountant to review my final account submission. I have no problem with that request. However, I understand that a residuary beneficiary must be issued with a set of final accounts which I will supply. ( my own accountant has been holding my hand through this process).
Am I obliged for the residuary beneficiary to see the final bank statement ? or will the collated accounts of the estate I offer be deemed sufficient. Can anyone advise what is deemed acceptable
Am I obliged for the residuary beneficiary to see the final bank statement ? or will the collated accounts of the estate I offer be deemed sufficient. Can anyone advise what is deemed acceptable
Answers
Well an executor must provide an account to his beneficiary. There is no set format but should be as detailed as possible. I would suggest you send the beneficiary the accounts and asks he approves them before you send the final balance. If he refuses to approve them and request further info you will have funds out of which to bear any costs. To be fair if he really...
23:09 Thu 18th Jan 2018
Well an executor must provide an account to his beneficiary. There is no set format but should be as detailed as possible.
I would suggest you send the beneficiary the accounts and asks he approves them before you send the final balance. If he refuses to approve them and request further info you will have funds out of which to bear any costs. To be fair if he really wants bank statements copy them and send them.
Sadly you can't charge for your time but your accountant can.
I would suggest you send the beneficiary the accounts and asks he approves them before you send the final balance. If he refuses to approve them and request further info you will have funds out of which to bear any costs. To be fair if he really wants bank statements copy them and send them.
Sadly you can't charge for your time but your accountant can.
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