On 23/03/2018 10:42, ss wrote:
On 23/03/2018 09:23, newshound wrote:
On 23/03/2018 09:10, ss wrote:
Maybe doesnt sit properly in this newsgroup but it is DIY.
Does anyone on here have experience of accounts with reference to
finalising a balance sheet for a Will, specifically to do with expenses.

I've done two simple uncontentious ones, and I used Excel. I was joint
executor with my brother's solicitor for a slightly more complicated
one which involved trusts for minors. In that case, the solicitor did
the main accounts although he was happy for me to do all the leg-work,
and once the trusts were set up he stood down to be replaced by
another family member to minimise the costs to the estate.

But the only expenses that I "claimed" were things which I actually
paid out, like death certificates and house insurance. You need to be
more explicit and would probably be better posting in uk.legal.moderated.

The Will is basic with no issues and I have done a balance sheet on
excel and I have detailed all funeral expenses. I am just unsure how I
get my personal expenses logged on it.


Example.
value of estate £19000
Less funeral costs etc of £4000
Balance of estate £15000
= (x 3 beneficeries) £5000 each

One of the beneficeries is also executor who has £120 of expenses.

The expenses will come out of the estate before the remainder of it can
be distributed as legacies.

My thinking is (if correct) if I include the £120 as part of the funeral
costs/expenses then Ithe executor is in effect paying a third of their
own expenses when the net balance is split 3 ways.

Any thoughts on where or how this expense is deducted from the balance
sheet.

If the expenses are owed to someone who is also a recipient of a legacy,
then yes in effect the process of paying the expenses will reduce the
residual value of the estate, and reduce what is available for
distribution to the heirs. However it does mean that the impact affects
all the heirs and not just one.

But given the estate has a fixed value, any payments from it will have
knock on effects elsewhere.


--
Cheers,

John.

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