Estate accounts

Question 1

What are the three accounts PRs usually keep for an estate?

Answer 1

1.Capital Account:Deals with assets in the estate.

Question 2

What are the three accounts PRs usually keep for an estate?

Answer 2

2.Distribution Account:Tracks amounts each beneficiary is entitled to.

Question 3

What are the three accounts PRs usually keep for an estate?

Answer 3

3.Income Account:Tracks dividends received during administration.

Question 4

What is the process for approving estate accounts?

Answer 4

PRs usually endorse the accounts first. They are then sent to residuary beneficiaries for endorsement and to formally discharge PRs with an agreement to indemnify them against all claims and demands.

Question 5

What happens if a beneficiary refuses to approve the accounts?

Answer 5

PRs may ask the court to approve the accounts or pay the beneficiary’s share into court.