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File management


Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance

File management


Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance
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Whilst administering an estate it is extremely important to be able to locate all documents and correspondence received, make sure deadlines are recorded and met, and to know what stage you are at all times. The beneficiaries should be kept informed and updated regularly.

Keeping track of documents and correspondence

The administration of an estate can generate a huge amount of documentation. Obviously, the amount of paperwork varies according to the complexity and range of assets, liabilities and beneficiaries. Nevertheless it is advisable to adopt a consistent outline structure for record keeping which can be applied to each estate.

Unless the estate is very simple, it is not advisable to simply file documents and correspondence in date order. You will need to refer to documents throughout the administration, and they will become increasingly difficult to find if the file is not organised in a segmented way. The aim is to keep all the documents on a particular asset or liability together, so that the ‘story’ for each asset etc. is quickly ascertained at any point, particularly

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  • 15 Nov 2024 07:38

Home/ Tolley Tax Guidance/ Trusts and Inheritance Tax / Administering the estate

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