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Executor accounts

  • 01-02-2012 4:00pm
    #1
    n97 mini
    Registered Users, Registered Users 2 Posts: 8,295 ✭✭✭


    Saw a question recently on another site, which doesn't seem to be really answered.

    Is an Executor legally bound to provide accounts when an estate has been completely distributed. I know they should, but are they legally obliged to?


Comments

  • #2
    blueythebear
    Registered Users, Registered Users 2 Posts: 1,074 ✭✭✭blueythebear


    n97 mini wrote: »
    Saw a question recently on another site, which doesn't seem to be really answered.

    Is an Executor legally bound to provide accounts when an estate has been completely distributed. I know they should, but are they legally obliged to?

    They are not bound to provide accounts but S64 of the Succession Act 1965 requires that when/if lawfully required to do so, the personal representatives exhibit in Court on oath a "true and perfect inventory and account of the estate".

    This means that where you have a solicitor administering the estate, they will usually prepare this and give to the executors. Very often the solicitor will then issue a copy to all residuary beneficiaries (or anyone entitled to inherit in an intestate situation) upon instruction from the executors. It's advisable to do so to avoid any suspicion about the administration of the estate and so could avoid potential litigation.

    Again if a solicitor is administering the estate, they are also obliged to keep records under the various Solicitor Accounts Regulations and Solicitors Acts.

    So, to answer your question, the executor does not have to provide accounts but they should have them prepared and copies given to beneficiaries who so request.


  • #3
    n97 mini
    Registered Users, Registered Users 2 Posts: 8,295 ✭✭✭n97 mini


    blueythebear wrote: »
    They are not bound to provide accounts but S64 of the Succession Act 1965 requires that when/if lawfully required to do so, the personal representatives exhibit in Court on oath a "true and perfect inventory and account of the estate".
    That's not a reference to the CA24 by any chance, as I can't think of any other time that personal representatives are required to swear an oath?


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