Ledger/Proposed Distribution

The Ledger/Proposed Distribution itemizes monetary transactions pursuant to which funds are received into and paid out of the estate account as well as monetary amounts being held back (e.g. for legal fees or taxes), and then proceeds to show or calculate the allocation of available funds among the beneficiaries of the estate.

The Ledger/Proposed Distribution dialog is invoked by selecting the Ledg/Prop Dist topic from the Topics list in the left panel and then clicking Add. The dialog is divided into three parts:

•  the upper portion, being the Receipts and Expenditures component;

•  the middle portion, being the Holdback or Reserve component;

•  the bottom portion, being the Proposed Distribution component.

NOTE:  For improved viewing (although it will not affect the document produced), each of the three segments comprising this dialog can be independently resized as to height; similarly, the width of the columns (and the width of the entire dialog) can be modified. For more information about how to drag boundary lines so as to resize columns and rows, click here.

NOTE:  To print the document, click the Print button and respond as to whether the Receipts and Expenditures segment should be printed with receipts and expenditures intermingled (in the order that they appear in the data-entry screen) or whether they should be separated into two separate groups and totaled independently. Note that this document cannot be produced for import into your word processor.

NOTE:  For information as to how to customize the content and the appearance of the "header" at the top of the printout, and the "footer" at the bottom, click here.

NOTE:  It is possible to have more than one Ledger/Proposed Distribution task for the same estate record.

NOTE:  Commence preparation of a Ledger/Proposed Distribution statement by entering the effective date (i.e. the "as at" date) by clicking the As at button at the left side of the dialog.

 

Receipts & Expenditures Component

Use the top portion of the Ledger/Proposed Distribution dialog to record transactions involving monies going in or out of the estate account. Make sure this top segment is highlighted, and then click Add, Edit, Copy or Delete according to the function which you wish to perform.

Each entry in this segment of the dialog contains four items of information:

•  in the first field of the data-entry dialog (invoked when you click to add, edit or copy), enter whether the item being recorded is a receipt into the estate account or an expenditure from the estate account;

•  in the second field, enter the effective date of the transaction being recorded;

•  in the third field, enter a description of the particular transaction (unless there is an unusual situation, the description should commence with the default wording- being either PAID TO or RECEIVED); for example the description might be:

 RECEIVED proceeds of Standard Life RRIF #53666778; or

 PAID TO Toronto Hydro re 234 Former Street, Toronto

•  in the fourth field, enter the dollar amount of the receipt or the expenditure.

As entries are added to this segment of the dialog, they will be stored chronologically by effective date (receipts appear in black; expenditures appear in red). If desired, use the move up and move down buttons to sort entries in a different order. However, when printing, you can indicate that you wish the receipts to be listed (and totaled) first, to be followed by a list (and total) of the expenditures.

 

Holdback or Reserve Component

Use the middle portion of the Ledger/Proposed Distribution dialog to record monies to be withheld in trust (i.e. monies not available for distribution). Examples include holdbacks for actual or contingent tax or other liabilities, or holdbacks on account of executor's fees or legal fees. Make sure this middle segment is highlighted, and then click Add, Edit, Copy or Delete according to the function which you wish to perform.

Each entry in this segment of the dialog contains two items of information:

•  in the first field (invoked when you click to add, edit or copy), enter a brief description of the purpose of the holdback (e.g. Withheld on account of income tax liability)

•  in the second field, enter the dollar amount of the monies held back or reserved or otherwise designated.

Entries added to this segment of the dialog will be stored in the order in which they are entered. If desired, use the move up and move down buttons to sort entries in a different order.

NOTE:  The description field in this segment can be completed by pressing the F9 key or by clicking the images\2014icon_maagnify.gif icon, and then selecting from a (user-modifiable) picklist of frequently-used clauses.

 

Proposed Distribution Component

Use the bottom portion of the Ledger/Proposed Distribution dialog to record monies being paid out to the beneficiaries of the estate. Make sure this bottom segment is highlighted, and then click Add, Edit, Copy or Delete according to the function which you wish to perform.

Each entry in this segment of the dialog contains four items of information:

•  in the first field (invoked when you click to add, edit or copy), enter the name of the beneficiary (although it is possible to key in any other name, this field can be completed by pressing the F9 key or by clicking the images\2014icon_maagnify.gif icon, and then selecting from a list of the beneficiaries, as recorded in the Interested Parties topic);

•  in the second field, enter the type of entitlement of the beneficiary (if it is not a percentage or a fraction of the residue, then select Lump Sum);

•  depending on your response in the previous field, enter into the third field the amount of the lump sum, or the percentage or fraction to be applied against the residue;

•  the fourth field will display the entitlement of the particular beneficiary, as derived from data entered into the previous two fields (this amount is calculated by the program and cannot be modified by the user).

Entries added to this segment of the dialog will be stored in the order in which they are entered. If desired, use the move up and move down buttons to sort entries in a different order.

NOTE:  If, for a particular beneficiary, the entitlement amount is to be calculated based on a percentage or a fraction of the residue, then Estate-a-Base will calculate such beneficiary's entitlement automatically- by applying such percentage or fraction against the amount remaining after deducting the expenditures from the receipts in the first segment, and then further deducting all amounts entered into the second segment (holdbacks, etc.), and then further deducting all lump sum payments to beneficiaries as recorded in the third segment. Each time that a receipt or expenditure, a holdback or a lump sum is entered or modified, the entitlement amount for such beneficiary (who is receiving a percentage or fraction of the revenue) will be automatically recalculated.

 

Customizing the Header and Footer

It is possible for the user to customize the content and the appearance of the "header" and the "footer" (at the top and the bottom, respectively, of the printout) of the Ledger/Proposed Distribution statement. Note that such customization is "global"- in that it alters the configuration for all estates and not just the current estate record.

To edit the header or footer of the Ledger/Proposed Distribution statement, select Ledger/Proposed Distribution from Configuration, and then select according to whether you wish to modify the content of the header or the footer. The dialog which will be thereupon be displayed controls the content and format of the header or the footer, according to your selection. The upper portion is where you can effect the desired changes, and the bottom portion displays how the header or footer will appear when printed. Note that all lines of the header (but not the footer) are centered automatically.

Use the following syntax when effecting your changes:

<<ULOn>>

to turn on "underlined" printing

<<ULOff>>

to turn off "underlined" printing

<<1>>

to print the name of the deceased

<<2>>

to print the jurisdiction in which the deceased resided

<<3>>

to print the occupation of the deceased

<<4>>

to print the date of death of the deceased

<<5>>

to print the "as at" date of the Ledger/Proposed Distribution statement

<<6>>

to print the occupation of the deceased

<<7>>

to print signing lines with the names of the respective estate trustees

<<8>>

to print signing lines with the names of the respective beneficiaries