This worksheet is split into two components. The Top part contains the details of all Assets expressed in financial terms. These figures are taken directly from the Assets Worksheet. In order to maintain overall integrity these figures should not be altered in any way. To make an amendment, always alter the Asset and Liability Worksheets.

The second part of the Worksheet provides the ability to track Asset distribution to the beneficiaries. It is important to separate those items that are taxable from the non-taxable items. i.e. Gifts to charities are not taxable and therefore can be omitted from the IHT calculation. Ensure that these amounts are put in the non-taxable section.

It is important that as each Asset is distributed details of the beneficiary, date & the value(s) are recorded and a formal receipt is gained from each beneficiary. These details can then be recorded in this Worksheet.

The total Assets of the deceased are presented at the top of the worksheet. These figures are taken directly from the Liabilities worksheet.

This worksheet has been set up to record the distribution of assets. We would strongly recommend that (similar to expenses) a receipt is prepared and signed for each asset as it is delivered. Details of the asset, value, beneficiary and date of transfer should be recorded in the worksheet.

There is space allocated for the transfer of any Property and business assets. These transactions will probably be conducted by a solicitor and the value estimates will come from them. There is a separate section for Taxable gifts; those gifts that have taken place within seven years of the date of death and exceed the IHT gift limit, currently set at £3000. Ref Liabilities notes. Although these assets have been distributed they may be eligible for IHT and therefore have to be taken into account.
There is also a section for non-taxable amounts. These transfers are not eligible for IHT, however, the amounts need to be registered in order to balance the accounts.
At the bottom of the worksheet there is a field that shows the remaining assets. This will be red in colour if the expenses and distribution of assets is greater than the estate of the deceased.
It should be noted that distribution of funds will alter this value on a £1 for £1 basis, that is to say £1 distributed reduces the remaining assets by £1. However, any addition or reduction in expenses or liabilities will take into account the adjustment in IHT.