Information that an executor will need to collect

Collating financial information when someone dies

It is the executor’s responsibility to collate all information relating to the deceased’s person’s asset and liabilities. If the deceased left property, a large amount of cash or investments then the executor will need to apply for a Grant of Probate. This will provide the executor with the necessary legal authority to deal with the deceased’s assets and, if relevant, sale of the property.

Before the Grant of Probate can be applied for the executor will need to complete a financial inventory of all the deceased’s assets and liabilities to include: –

• Property – was this owned jointly with another person? It may be that the deceased owned a share of the property (tenants in common). The value of the property/share must be established by way of an estate agent’s valuation.
• Bank accounts – obtain a statement that shows the balance at the date of death
• Shareholdings – obtain the share price for the date of death and multiply this by the number of shares held. If you are unsure how to do this you can speak to a stockbroker.
• Investments – write to the organisation holding the investment and request a valuation for the date of death
• Chattels (personal items) of a high value – arrange a written valuation
• Vehicles – a local garage may value the vehicle or you can use an online valuations website
• Cash found – if cash is found it must be recorded and held safely by the executor
• If any utilities have been overpaid by the deceased you will need to record these in the financial inventory as a credit at the date of death

Liabilities

When collating financial information, you will need to ensure that you are aware of all liabilities for example: –

• Utility bills – gas, electric, water, telephone and Council Tax
• Credit Cards, Store Cards
• Loans and finance
• Mortgages
• Overpayment of pensions and benefits

Once you have ascertained all assets and liabilities you are now able to complete either the IHT 205 or IHT 400 form. For more information please contact admin@swwtrust.co.uk