This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Small estate

cliff99
Posts:12
Joined:Mon Apr 10, 2017 3:20 pm
Small estate

Postby cliff99 » Mon Aug 27, 2018 3:31 pm

As executor I have recently dealt with the demise of an elderly relative. This lady had been resident in a care home for many years and had no personal property. After funeral expenses there remained less than £10,000 in her bank account.
The bank has agreed to pass the contents of the account to the beneficiary named in her will on the basis of sight of the will, and without the formality of probate.
From my point of view as the executor, is that the end of my responsibilities? I have also received from the bank copies of 5 years of her bank statements, which the bank indicates it is under obligation to provide.
What is the purpose of these statements, and as executor have I any obligation to pass them to any official body?

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: Small estate

Postby AGoodman » Tue Aug 28, 2018 1:55 pm

The main duty is to make reasonable enquiries to find any other assets or liabilities, which you have probably done. If she has made any substantial gifts in the last seven years, you might have a duty to report this to HMRC but it would have to be very substantial sums (in the £100,000's) to become an issue if the remaining estate is only £10k.


Return to “Property Taxation”