How do I distribute to beneficiaries?

This article will explain how to distribute assets and proceeds from sold assets to beneficiaries of an estate and easily access summaries of all distributions made

Overview

Once you have added all assets, liabilities, income and expenses to a case on the platform, you’ll then see exactly what is available to distribute. 

First, you must ensure you have all beneficiaries added to the People & beneficiaries section with the relevant role(s) assigned.

Then there are 3 categories of distribution available:

• Specific legacy
• Pecuniary legacy
• Residue

Within those categories you have a great deal of flexibility to split distributions and the system will automatically calculate relevant shares and percentages on your behalf based on the funds available. See assigning distributions for more information.

Lastly you can view summaries of all distributions made in the estate easily at any time. 

Adding beneficiaries

• Open the case you are working on, if you need a hand locating the case please follow this guide
• Click into People & beneficiaries

• Click Add
• Choose Person or Organisation
• Add relevant information and if adding a person, ensure Beneficiary is chosen within Role*

• If Organisation, this will automatically be recognised as a beneficiary
• Click Save

Adding distributions

• Click into Distributions

• Click Add distribution

• Choose between Specific legacy, Pecuniary legacy or Residue

Specific legacy

• A list of assets in the estate that can be distributed will appear in the drop down, choose the asset type required
• A list of all assets within that asset type will appear in the drop down, choose the specific asset required

Pecuniary legacy

• Choose if this is an interim or final distribution
• Choose where you’d like to distribute the money from in the Select asset/cash drop down list
• Should you need to show an upfront pecuniary distribution the system will allow you to add this in whether or not you have the funds available in the client cash account. When you start to ingather more funds and head towards a final residual distribution, the system will automatically deduct any previously added pecuniary distribution values from the final amount left to be distributed

Residue

• Choose if this is an interim or final distribution
• Choose what you’d like to distribute from the Select asset/cash drop down list

Selecting beneficiaries

• Select the beneficiary you’d like to distribute to in the drop down
• Choose if this legacy is subject to a trust or contingency

• Click Add beneficiary
• If more than one beneficiary is required, click Add new beneficiary and repeat:

Assigning distributions

• Within Distribution, choose how you would like to assign the distribution from the options

Sole beneficiary

• Available for all distribution types
• Use when an asset or a specific amount is being distributed to one beneficiary

Equally

• Available where 2 or more beneficiaries have been added for specific legacy or residue distributions
• Use when you want to share the asset or funds equally between the selected beneficiaries

Percentage

• Available where 2 or more beneficiaries have been added for specific legacy or residue distributions
• Use when you want flexibility to share assets or funds by a specific percentage to 2 decimal places

Shares

• Available where 2 or more beneficiaries have been added for specific legacy or residue distributions
• Use when you want flexibility to share assets or funds by shares or fractions, simply enter the total number of shares or the bottom number of your fraction (denominator) in the Total number of equal shares box

Manual entry £ value

• Available where 2 or more beneficiaries have been added for all distribution types and where 1 beneficiary has been added for pecuniary and interim residue distributions 
• Use when you need flexibility to add very specific amounts 

 

• Add the Date of distribution
• Click Add distribution

View all distributions

• Once you have added all distributions you will see them summarised in the Distributions overview
• From the Distributions overview you can edit or delete

• To edit, click anywhere on the relevant distribution to open
• Make the required changes
• Click Update distribution

• To delete, click on the three dots to the right of the relevant distribution
• Click Delete

• You can view the distributions within Estate Accounts and the Estate Accounts output. click in to Estate accounts and from there you can view the full menu:

• Within Summary, once you have added distributions you will see information populate under Beneficiaries details
• Within Distributions, you will see distributions you have added separated into Specific legacies, Pecuniary legacies, Residue and also any Assets appropriated or Assets received by survivorship
• Within Reconciliation, you will see the total amount Distributed and any amount left to be distributed
• Within Client cash account, you will see any distributions that have been made from the client cash account
• To view the full set of Estate Accounts, click Export
• On the first page you will see a Synopsis of will, including legacies:

• Scroll down to see the Distribution page which is listed at the end: