What is an application for inventory and account and how do I request it?
In previous articles discussing contentious probate and will disputes, we have detailed what can be done should a personal representative not distribute an estate as they should. Often, the answer is an application to the probate registry for an inventory and account of the estate’s administration.
What is the role of a personal representative?
Personal representatives (executors of a will, or administrators if there is an intestacy) are required by law to collect the deceased’s assets and distribute the estate according to the law. This generally means paying the deceased’s debts and testamentary expenses and then paying the rest to the beneficiaries in accordance with the will or the intestacy rules.
The personal representatives must also, when required to do so by the court, make an oath setting out an inventory of the assets and liabilities in the estate at the date of death, and an account of income and expenditure since then. In practical terms, the personal representatives need to keep up-to-date records so that they can produce the inventory and account whenever they are asked to do so.
What is included in an application for inventory and account?
The inventory typically includes:
- Any real estate/property
- Bank accounts
- Investments
- Personal belongings (this could include vehicles, jewellery, etc)
- Business interests/ Shares
The account is a record of all activities and should include:
- Any income earned by the estate (including interest)
- Payment of debts and taxes
- Distribution of assets to beneficiaries
Who can request an application for inventory and account?
Any person who has an interest in the estate can make an application for an order that the personal representative provide an inventory and account. This includes beneficiaries and creditors. If the personal representative is able to show that the estate has sufficient assets to pay the beneficiary or creditor’s claim, they are unlikely to be ordered to provide a full account. However, it is a useful tool for residuary beneficiaries because they would receive all that is left over after the other beneficiaries and creditors have been paid.
How do you make the request?
Generally, the first step is to write to the personal representatives requesting the application for the inventory and account. There may be a good reason why the accounts are not produced. If there is no good reason, or the personal representatives do not respond, there are a couple of options.
The first is an application to the probate registry supported by a witness statement. If the registrar is satisfied that there is a case to answer, they will issue a summons requiring the personal representatives to produce the accounts. The personal representative may be ordered to pay the applicant’s costs and could be in contempt of court if they do not comply with the summons. These applications are often dealt with without a hearing, but the personal representative may request a hearing to have the summons set aside.
The second is an application to the high court for an order that the personal representative produce and verify an account. This option applies to all trustees, including lifetime trusts, not just those relating to a deceased person’s estate.
How can GA Solicitors help?
If you are concerned about how an estate or trust is being administered, then speak with our wills, trusts and inheritance disputes specialist.
The team can also advise you if you are a personal representative or trustee who has been asked to produce an inventory and account and need support to do so.
GA Solicitors in Plymouth is ranked in Chambers UK, Chambers High Net Worth and The Legal 500, so you can be assured you are in the best possible hands.
Call 01752 203500 or email me directly via matthew.ellis@GAsolicitors.com.
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