Does an executor have to show accounting to beneficiaries?

A Will can contain specific legacies which are defined, specific amounts of money or assets gifted to one or more beneficiaries. A Will should also set out how the residuary estate is to be divided. The residuary estate is the remaining funds left over after all inheritance tax, funeral costs, estate expenses and any liabilities owed by the deceased are repaid, and after any specific legacies have been paid out.

Beneficiaries of the residuary estate are entitled to receive an inventory and account of the estate once the administration is complete. The inventory and account is dealt with as a set of Estate Accounts which are signed off by the Executor/Administrator of the estate.