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Personal representatives (PRs)

The deceased's personal representatives must deliver an account specifying, to the best of their knowledge and belief, all property forming part of the deceased's estate immediately before their death and the value thereof. In addition they must also provide details of all gifts made within seven years of their death¹ and, potentially, chargeable transfers within the seven years before the earliest of those gifts. In effect, PRs may need to review all gifts made by the deceased in the 14 years prior to death — see I3.511 and I3.531.

Executors in respect only of settled land in England and Wales need specify only the settled land². A deceased's estate immediately before death does not include excluded property³ – see I4.111 and I4.121.

The PRs do not need to deliver an account of property which only forms part of the estate by virtue of FA 1986, s 102(3) (the gift with reservation (see I3.436) provisions)⁴. The accounting party for such property is any person in whom the property is vested⁵,