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Producing the statement of estate accounts

A calculator and pen on a piece of paperOnce you’ve collected all the assets of your loved one’s estate, and you've paid any lifetime debts, funeral costs and any administration costs, you’ll need to prepare a statement of income and expenditure, or estate accounts, and give them to each of the residuary beneficiaries.

The estate accounts need only be a brief list of income (generated from bank accounts and sale of the assets) less expenditure. They should show the total net balance available for distribution and detail how this has been split between all the beneficiaries.

Solicitors’ fees

If you’ve instructed a solicitor to act for you as executor of your loved one’s estate, the solicitor will be able to charge for their time assisting you in the administration. You can recover these fees from your loved one’s estate.

Generally, a solicitor’s fees shouldn’t be more than 4% of the gross estate (total value of all liquidated assets of your loved one, before payment of any liabilities).

Executors’ fees

Family members and friends can’t usually charge for their time acting as executor, unless there’s a charging clause in your loved one’s Will.

A charging clause sets out when family and friends can charge for their time in administering the estate.

Executors’ expenses

Any reasonable expenses that you incur as a genuine requirement of fulfilling your duties as executor can be recovered from the estate. You should keep receipts for all expenses you incur.

Need some help?

If we can support you in any way, please contact:

Catherine Whitehead, legacy administrator, on
or 01246 541 156
Anna Draper, legacy administration manager, on or 01246 541 113.

Back to Information for executors

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