Posted: Tuesday, 27 August 2024 @ 17:31
What is Inventory and Account?
It is a legal process which a residuary beneficiary can use (after a grant of probate has been issued) to force the Executor to provide Estate Accounts of the Estate. It is a method of obtaining more financial information.
What is the Process?
You send a Letter Before Action seeking Estate Accounts.(14 days minimum)
If this does not yield results you file a Summons form and prepare an affidavit (statement) and then file it at the probate Registry where the grant of Probate was issued.
It can only be issued after the grant of probate was issued.
The Court will send back the sealed summons which you will send to the Respondent and you will need to produce evidence of service to the Court.
The address to file the application will be one where probate was granted.
There is no specific form; you need to use a set form of wording though a Probate Registry may give this to you..
What is the Fee?
There is no fee.
How soon can you make the Application?
It cannot be used pre grant.
Generally after one year from when the Deceased died.
Can you claim for legal costs incurred?
Yes, but you need to file a Schedule of Costs.
What are The Advantages of the Process?
It shifts psychological power away from the executor and to the beneficiary. Generally whenever I have used this application, it has shifted the inter-play with the executor and put him or her on the defensive.
It is straightforward.
It is less expensive than making an application to the High Court, as there is
no fee payable on making the application.
It is a less stressful than making an application to the High Court as you are likely to do the application on paper and not have to appear before a Judge.
It can force the executors to disclose the Estate Accounts and make other steps such as complete the Estate.
It can be a useful Trojan Horse application and a good way of working out how the Executor is going to react to other issues on the Estate.
What Are The Main Weakness of the Process?
It can sometimes lack strength because the Probate Registry’s
powers are limited.
If the estate accounts show anything untoward, the Probate
Registry cannot investigate this.
The Probate Registry cannot enforce any order that
they make; Any enforcement would have to take place in the High Court.
You need to consider if the Executor will comply any order and costs order.
Are There Other Options?
You can issue a claim in the High Court under CPR Part 64 which can be useful in more complex cases but does involve more cost..