Claim for executor’s commission
As an executor of an estate, you may be able to claim costs for your efforts. We’ll guide you in preparing and submitting your application, and take care of the accounts and statements you’ll need.
If you are an executor for an estate, you’re entitled to remuneration for the ‘pains and troubles’ in the administration of an estate. This is called an executor’s commission.
Sometimes, a will may provide a legacy or other benefit to the executor as an alternative to paying a commission. Or, the executor and beneficiaries may agree a commission between them.
If you are seeking an executor’s commission, you will need to file accounts in the Supreme Court. and seek an order passing the accounts and at the same time allowing commission.
These accounts must to be prepared to a specific format, with schedules of required information and a bank reconciliation and statements of unrealised assets, reinvested assets as well as assets transferred.
It is important to prepare these accounts even if you’ve already agreed a commission with the beneficiaries, as it provides all parties with a transparent record of the accounting.
We can prepare the estate accounts, as well as a financial statement for the end of financial year subsequent to the date of death.
Having prepared many statements of this nature, we have seen how they simplify income tax return preparation, and also offer a way to compare the performance of the estate from one year to the next if the administration period carries over for several years.
Ask us how our Estate Accounting services can support your claim for executor’s commission