Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Estate definition

What does Estate mean? In practice, “estate” describes either: (1) the nature and duration of a person’s proprietary interest in land; or (2) the aggregate property of a person, commonly on death or bankruptcy. England & Wales and Northern Ireland: An estate in land denotes the time-based interest, not the land itself. Statute and case law limit legal estates primarily to freehold (fee simple absolute in possession) and leasehold (term of years absolute), with other interests (for example, life interests and beneficial interests under a trust) arising in equity. This concept underpins conveyancing, security, priorities and land registration. Ireland: Under the Land and Conveyancing Law Reform...

Estate Accounts and Administration for Personal Representatives: Duties, Books, Valuations, IHT/CGT/Income Tax, Interim/Final Distributions and HMRC Clearance (England and Wales)

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Practice notes

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Duty to keep Estate accounts

Section 25 of the Administration of Estates Act 1925 (AEA 1925) states that Personal representatives (PRs) must, if the court asks, provide an account of the estate’s administration. Sensible practice is for PRs to maintain running accounts throughout, so they can evidence that the estate has been managed correctly and properly. On finishing the administration, PRs ought to supply complete accounts for the residuary beneficiaries to receive with their distributions. Where an estate requires more than two years to complete, an interim account should be prepared, and annual interim accounts where the process spans several years. The estate accounts must also be open for inspection, upon request, by any beneficiary or creditor. If PRs fail to give information to those with a proper entitlement to it, an application can be brought by originating summons in the Chancery Division seeking an order that an account be delivered. However, if a beneficiary delays for a long period in asking for the accounts, and adequate information about the administration has already been provided to beneficiaries in good time, then the...

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Web page updated on 27/05/2026

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