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Estate accounts problem

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Hello.

I am the sole residuary legatee of an estate and last month I was presented with a set of estate accounts, note I am not the executor. These accounts were issued by the estate's solicitors and apparently approved by the estate's executor.

I believe the accounts to be incorrect in so far as the values quoted for a number of assets differ from the values indicated by information I have to hand. According to my information one of these assets it is 'over valued' in the estate accounts by approximately£15,000.

 

I am being pressured to 'sign off' on these accounts but as the incorrectly valued assets pass to me under the will I am rather concerned about these errors. There is no inheritance tax liable on the estate nor would there be if these assets were 'correctly' valued.

 

I therefore have a number of questions about 'estate accounts' .

 

1) I believe that the official date of my acquisition of these assets is the date of death of the deceased and that my acquisition values are the values of the assets on the day of the deceased's death, are these beliefs correct?

2) By 'signing off' on these accounts what precisely am I 'agreeing too'?

3) For taxation purposes, what values do I acquire these assets at,

a) the values listed in the estate accounts,

b) the values I know/believe to be correct,

c) some other values and if so how do I obtain these values?

4) If, for arguments sake, I later sell the asset, mentioned above, that is over valued in the estate's accounts and I use its estate-accounts-listed-value as my acquisition value when making a capital gains tax etc declaration would I doing something illegal? I suspect I would! If so, who would bare the consequences if HMRC found out? I have asked for a copy of the document that gave the executor/estate's-solicitors the value of this over valued asset.

5) Also, I am not certain that certain bequests have been met, these involve the passing of various nick knacks to various beneficiaries. Should this have any baring on my 'signing off' on these accounts?

 

I am inclined to refuse to 'sign off' on these accounts and to demand that the questionable valuations be checked and verified.

Thanks.

Larry.

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Hi.... Have you any idea why there are these discrepancies? What is the nature of the item you are particularly concerned about? Do you suspect a fraud occurring? I think you are correctly concerned. have you spoken to / written to the executor and the solicitor asking for an explanation? What did they say?

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Thanks for the reply.

I do not suspect fraud, just errors. I am in the process of contacting the executor/estate's-solicitors but that can be a slow process. The asset is a share holding in the process of being transferred to me.

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