Keeping estate transactions in check
We specialise in preparing detailed and accurate estate records, ready for submission. If you’re acting as an executor, this can make all the difference during a complex process.
It’s the executor’s responsibility to submit accurate accounts on the estate. This isn’t a simple job, especially during such a trying time.
Estate accounting involves showing the transactions paid to and from a deceased estate. Bank statements, bank books and other records must be reviewed and combined chronologically. This can take a considerable amount of time and effort.
Why estate accounting matters
The transactions in a deceased estate need to account for all assets and liabilities at the date of death or at the beginning of any subsequent account period. It also highlights the capital and the income on the receipts and payments sides of the cashbook statement.
During the administration of most deceased estates, there will be bank account transactions (such as interest, bank fees) until those accounts are closed, and there will typically be transactions recorded in a solicitor’s trust account until an estate account can be opened.
We may also need to review other records, such as property sale settlement details or broker contacts notes when shares are sold. We can then combine all transactions in date order, as if they’d passed through one bank account.
Ensure your accounts meet the rules of court
There’s a reason why other solicitors come to John Poole for his advice on estate accounting. Having specialised in this area of law for decades, he has also helped set guidelines for accrediting solicitors.
As estate accounting experts, we’re skilled at preparing accurate accounting records. Your records will be compiled in a format preferred by the courts.