Final Executor Accounts: What They Must Contain

Who Can See the Executor Accounts?

Beneficiaries of the estate — including residuary beneficiaries and those with a specific legacy — have a right to see the estate accounts. They can demand an account of the estate and the executor must provide one within a reasonable time.

If an executor refuses to provide accounts, a beneficiary can apply to court for an account — this is a right, not merely a courtesy. Keeping clear accounts from the outset is both a legal obligation and practical protection for the executor.

Unlike company accounts or charity accounts, estate accounts are not submitted to any public registry. They are a private document between the executor and the beneficiaries.

Structure of Executor Final Accounts

There is no single prescribed format, but good practice follows a clear structure. The accounts typically comprise:

1. Cover sheet: Title ("Estate of [Name] (deceased)"), date of death, names of executors, date the accounts were prepared.
2. Capital account (schedule of assets and liabilities): All assets at their date-of-death probate values, all liabilities, and the net estate value.
3. Estate income account: All income received during administration (bank interest, dividends, rental income) with the income tax paid.
4. Expenses and payments: Itemised list of all payments from the estate — funeral expenses, administration costs, IHT paid, debts settled, executor expenses.
5. Distribution account: How the net estate was distributed — specific legacies paid, residue split among beneficiaries.
6. Estate bank account reconciliation: Statement of the estate account showing all receipts and payments, reconciling to nil on closure.

The Capital Account: Assets and Liabilities

Income Account During Administration

Record all income received after the date of death in a separate income account. For each income item, note:

• Source (e.g. "Barclays estate account interest").
• Tax year in which it arose.
• Gross amount.
• Tax deducted (if any) and by whom.
• Net amount received.

This section feeds into the SA900 calculation. For guidance on SA900, see our SA900 estate tax return guide.

Expenses and Debts Paid

List every payment made from the estate in date order, with:

• Date of payment.
• Payee.
• Description (e.g. "Funeral — ABC Funeral Directors").
• Amount.

Group payments into categories: funeral expenses, administration costs, IHT and other taxes, debts settled, and specific legacies.

The Distribution Account

The distribution account shows how the net estate (after all expenses) is divided among beneficiaries:

• Specific legacies: Cash amounts paid to named individuals.
• Residue calculation: Total estate less all expenses and specific legacies = residue for division.
• Each beneficiary's share: Amount payable to each, based on the will's proportions.
• Income distributions: Each beneficiary's share of estate income (net of tax) and the corresponding R185E issued.

Getting Beneficiary Approval

Before closing the estate, provide each beneficiary with a copy of the accounts and ask them to sign a statement confirming:

• They have reviewed and approved the accounts.
• They confirm receipt of their share of the estate.
• They release the executor from any further claims relating to the administration.

This signed approval — sometimes called a "release and discharge" — provides the executor with formal protection from future claims. Without it, a beneficiary could later challenge the accounts or seek additional payment.

How Long to Keep Estate Records

Keep all estate records — accounts, correspondence, receipts, valuation reports, and tax returns — for at least 12 years after the administration is complete. HMRC can enquire into IHT returns for up to 20 years where a loss of tax return has been made (i.e. where inaccuracy is involved).

Store records securely but accessibly — physical documents in a labelled folder or digital scans in a secure cloud storage are both acceptable.

For the complete estate administration overview, see our estate administration checklist and our probate checklist. Use our free estate administration tool to generate your personalised task list from the start.

Related Guides

• Distributing Cash to Beneficiaries
• SA900 Estate Tax Return
• Advertising for Creditors in the Gazette
• Executor First Steps
• Deed of Variation Guide
• Complete UK Probate Guide 2026