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

💁 You can view distributions within the estate accounts summaries and output at the click of a button at any stage of the administration process, providing you and your clients with clear, easy to understand updates any time you need 

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 section with the relevant role(s) assigned: See adding beneficiaries and selecting beneficiaries.

Then there are 3 categories of distribution available:

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

20220811 People & beneficiaries outline (Menu)

  • Click Add
  • Choose Person or Organisation
  • Add relevant information and if adding a Person, ensure Beneficiary is chosen within Role
20220812 Person Roles New
  • If Organisation, this will automatically be recognised as a beneficiary
  • Click Save

💁‍♂️ For further guidance on how to add people, please follow this guide

Adding distributions

  • Click into Distributions
20221708 Distributions label ( in menu)
  • Click Add distribution

20221708 Add Distribution Button

  • Choose between Specific legacy, Pecuniary legacy or Residue

    20221708 Types of distributions

    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

    👋 Assets which already have a realised value recorded against them or have been marked as passed to a surviving joint owner will not be available to distribute as a specific legacy

    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

    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

    💁 There are various options available grouped into categories to make it easy to select the client cash account balance or a specific asset to appropriate

    👋 Assets which already have a realised value recorded against them or have been marked as passed to a surviving joint owner will not be available to distribute as an appropriated asset as a residue distribution

    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

    💁 When the distribution is subject to a trust or contingency, you will be asked to enter a description for the trust/contingency and confirm who the lead trustee/parent/guardian who will receive the funds is

    💡 Within the People section of your case, you can update an existing person or add a new person with the Lead trustee, Parent / Guardian role and they will then appear in the list to select

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

    20221708 Add New Beneficiary Button

    Assigning distributions

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

    💡 Assign distributions seamlessly, allocating via percentage, equally, shares or manual entry, regardless of the complexity of the case

    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

    🏆 The platform will automatically calculate equal shares on your behalf

    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

    🏆 The platform will automatically calculate percentages on your behalf

    🙌 There are handy warnings built in to make sure your total percentage split between beneficiaries always adds up to 100% to prevent any errors

    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

    🏆 The platform will automatically calculate shares/fractions on your behalf

    🙌 There are handy warnings built in to make sure your total number of shares split between beneficiaries always adds up to the total number of shares available to prevent any errors

    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 

    🏆 Manual entry function gives you maximum flexibility to enter exact amounts, useful when managing more complicated distribution scenarios

     

    • Add the Date of distribution
    • Click Add distribution

    20221708 Add distribution showing different ways to share

    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

    20221708 Distributions Overview

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

    20221708 Update Distribution Button

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

    20221708 Delete Distribution Button

    🤚 If you add multiple distributions on one form, all will be deleted when selecting delete from just one of them

    • 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:

    20220110 Estate accounts outline (Menu)

    20221708 Estate Accounts menu showing areas distributions are mentioned

    • 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:

    20221708 Esate Accounts Sypnopsis

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

    20221708 Esate Accounts Distributions Output Page

    👷 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. 

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