Estate Accounts Flashcards
1
Q
Which three accounts does a PR usually keep for an estate?
A
- Capital
- Distribution
- Income
2
Q
What does the capital account relate to?
A
Deals with assets in the estate
3
Q
What does the distribution account relate to?
A
Keeping track of how much each beneficiary is entitled to
4
Q
What does the income account relate to?
A
Keeping track of dividends received by PRs
5
Q
What do the PRs and residuary beneficiaries do to indicate an approval of PR accounts?
A
Endorse them
6
Q
When the accounts are sent to residuary beneficiaries for endorsement, how else will they formally discharge the PRs?
A
With an agreement to indemnify the PRs against all claims and demands
7
Q
If a beneficiary refuses to approve accounts, what are the PRs 2 options?
A
- Ask the court to approve the accounts
- Pay the beneficiary’s share into court
