The ABC of Accounting for Estates for Probate Professionals

Introduction

Are you unsure about angles of preparing the accounts of a deceased estate?

Are you frustrated by the lack of technical guidance?

This new virtual classroom seminar will look at the basic requirements and layout and will provide you with a broad understanding of accounting for estates in the context of the probate rules, from small estates to large estates with a working business (e.g. a farm).

You will learn who is entitled to receive accounts and how to prepare a set of accounts from the core accounting records that are ‘real time’, and other information (if any) provided by your clients and what information must be asked for at a very early stage from the executor.

What You Will Learn

This live and interactive course will cover the following:

• The starting point of the probate valuation together with the collection of assets and liabilities
• How to treat XD dividends
• The distinction between capital and income
• Estate cash account - and cashflow requirements, especially around IHT liabilities
• Interpretation of the legal occupation of property - impact on accounts
• The letter of engagement and instruction understanding
• The starting point of the probate valuation and pressures on those values
• Users of the accounts
• Estate double entry and interaction of improving estate software
• The main statements and how they interact with the following:
• Estate at death account
• Estate capital account
• Estate income account
• Investment schedule, sales and income
• Property schedule, sales and income (matched to expenses)
• Distribution statement for each beneficiary
• Balance sheet date and preparation
• Estate cash account and solicitor’s estate account
• The distinction between capital and income
• Sale of estate assets - how to treat gains (and losses) on assets and investments from probate valuations - interaction with capital gains tax
• Inheritance tax calculation and disclosure in the estate accounts
• Importance of protecting IHT reliefs

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.