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Balance Sheet Explained

The Balance Sheet shows the financial position in an estate at a specific point in time

Where is the Balance Sheet?

To access:

  • Click Estate accounts on the left hand side menu within Estate overview

    20260417 - Estate Overview Tabs
  • Click on Export at the bottom of the left hand side menu within Estate accounts 

20260417 - Estate Accounts Tabs

  • Choose if you want to export as a PDF or Excel document 
  • The Balance Sheet will follow the General Information and Report on the estate pages in the PDF version and show in the third tab along in the Excel document 

What makes up the balance sheet?

  • The first section of the balance sheet will show the Balances due to residuary beneficiaries 
  • These values will be calculated based on any residuary entitlement added for beneficiaries or on a residual distribution, if one has been made

💡If neither residuary entitlement or a residual distribution has been made, the value that is left in the estate and available to distribute, will be shown

20260417 - Balance Sheet (Balances due)

➕➖The total value of this section will be the sum of the cash balances and assets, less creditors, pecuniary legacies due to beneficiaries, tax liabilities, liabilities and expenses

  • The second section of the balance sheet will show what the above value is represented by
  • Cash balances will show the balance of the client cash account in Exizent 
  • Assets that have not been realised or distributed (either proposed or actually distributed) will be listed next

❎ Assets not valid for IHT purposes, assets that are passing to joint owners and assets that are part of a proposed specific legacy/distribution will not be included in the Balance Sheet

20260417 - Assets

  • Creditors will display any third party expenses which are to be reimbursed from the estate
  • Pecuniary legacies due to beneficiaries will show proposed pecuniary legacy distributions that haven't happened yet

👍If your case does not contain any of the mentioned categories e.g. Creditors or Pecuniary legacies then they will not be shown on the balance sheet

20260417 - Liabilities

  • Tax liabilities (Inheritance, Capital Gains and Income) that have been added in the expenses section but are yet to be paid will be listed next
  • Liabilities will show any unsettled date of death liabilities
  • Expenses will list any unsettled expenses still to be paid from the estate

💷Like with assets, any liability or expense that has been settled/realised will no longer show on the balance sheet

💡The balance sheet will gradually decrease in size as you collect funds for more assets in the estate and settle more liabilities and expenses

👷 Our team are regularly making improvements and adding new features. Some things may have changed since this guide was written as functionality gets even more fabulous. If you need further assistance, please contact the Customer Success team who are always happy to help

🖥️ Chat to us through the knowledge base - click the chat icon in the bottom right corner of this page

☎️ Call us on 020 8152 2902

✉️ Email us on support@legal.exizent.com