Do I have a right to see the accounts of an estate?
The Estate Accounts are a document which typically lists the assets and liabilities of an estate, including any deposits into and withdrawals out of the estate post-death.
Executors owe duties to beneficiaries, which include an obligation to keep proper financial records and to account to the beneficiaries as to how the estate assets have been collected and are being managed.
Executors are now obliged to provide regular updates to beneficiaries, nor update them on demand, they must however produce Estate Accounts within a reasonable period following death and before such time as any final distributions are made to the beneficiaries.
There is a distinction between beneficiaries who may have a right to demand sight of the Estate Accounts, and those who do not. Residuary beneficiaries, these are beneficiaries who inherit the residue of an estate, i.e what is left once any specific cash payments or gifts of property are made, often have a right to see the Estate Account once produced as their realised share will be directly dependant upon the amounts collected by the Executors and any estate expenditure by them in the course of their role.
When there are concerns that an Executor may be unreasonably refusing to provide Estate Accounts, and an informal approach for these has been declined, an application can be made to the Court pursuant to Part 64 of the Civil Procedure Rules seeking directions from the Court as to the provision of the accounts. Alternatively, a request can be made to the Probate Registry to summon the Executor to provide an Account and Inventory of the estate.
Transparency is often a key trait of an effective Executor. Whilst Executors are not obliged to provide running updates or provide a copy of any interim Estate Accounts on demand, it is often useful for Executors to provide information to beneficiaries to avoid the need for additional action being taken. If an Executor is refusing to engage, the threat of an application to the Courts or a request for a summons from the Probate Registry may solve the deadlock.
Latest insights and news
