What Happens to Estate Accounts?

Estate accounts must be retained for the length of time that Franklin D Roosevelt was president of the United States of America.

History buffs will know that was 12 years, a period covering a large part of the Great Depression and the Second World War. Let’s hope the 12 years you keep your estate accounts for won’t be as traumatic.

The accounts must include all incomings and outgoings since the time of death. It should list all assets and liabilities from that date, administrative expenses and distribution of legacies and the residue to beneficiaries and a copy should be sent to all personal representatives for approval and signature.

Beneficiaries must sign a receipt for gifts or legacies received. A parent or guardian should sign on behalf of any recipients aged under 18. Any money left over in the personal representative’s bank account, which would have been opened following the death, can now be distributed and the account closed.

It is worth reiterating here that a personal representative, be it an executor named in a will or an administrator appointed by a court, can be held legally liable for any errors.

For expert help with the probate process, contact Heritage Will Writing on 02380 879243.