Receiving and managing funds

Produced by a Tolley Trusts and Inheritance Tax expert

Trusts and Inheritance Tax

Guidance

Personal representatives’ legal duty

Under the Administration of Estates Act 1925, s 25 the personal representatives (PRs) are under a legal obligation to give an account of their administration of the estate when called upon by the beneficiaries to do so. The duties of the PRs are stated as follows:

•
to collect the real and personal estate of the deceased and administer it according to law
•
when required to do so by the Court, exhibit on oath in the Court a full inventory of the estate and when so required render an account of the administration of the estate to the Court
•
when required to do so by the High Court, deliver up the grant of probate or administration to that Court

In collecting the estate, an accurate record must be kept of all the monies received and paid. The preparation of estate accounts is a matter of good practice. A financial record of the administration will make sure that all assets have been collected in, liabilities duly discharged

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