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Recording asset details (PPv4)

HOW : Activities...Add an asset to this estate' or directly from the asset browser (View...Assets list)

Use this dialog window to record the basic details of the asset - the holding, the value, a description of the asset etc. There's lots going on here so we'll run through the elements of the dialog box. (Jargon alert : "Dialog box" refers to a window that expects you to input something)

Probate Plus v4 asset information dialog

Asset properties explained...

Category and Tax-Category - These group similar assets together in your accounts. The categrory is a lay-person "friendly" grouping for the asset E.g. "Bank accounts". The tax-category field is used to further identify an asset as per it's relevance to Inland Revenue tax form classificaton. Choose the tax-category that matches the asset. Probate Plus uses the tax category when form filling. No tax category = no form filling.

Choose a category from the drop down list, or if one is not there, type it in. Don't type the description of the asset here! You can add as many extra categories as you want. E.g. you could add a certain PEP as a category, then enter the components of the PEP, the details would be grouped together under the heading for the category in the asset report.

If a category is added, Probate Plus will ask you whether or not the category forms part of an estate's value - answer "Yes" or "No". If you answer "No", Probate Plus will record the details of the asset for information only, but will not allow any actions to be performed on the asset, and the asset will not appear in the assets schedule report. However, the "non estate value" assets will appear in the report titled "Summary of non asset estate parts". This is useful if you want to record, say, joint property, gifts inter vivos or settled property.

Description

Choose (or type in) a description for the asset. E.g. if the category is ‘Freehold Property’, the description could be ’16 Acacia Avenue, Falmouth, Cornwall’. Probate Plus will prompt you to save descriptions for reuse in other estates, of course, a description with an account number such as "Barclays Bank a/c 1234567890" isn't much use to other estates so you'd not normally save it for reuse.

Ownership

Records the ownership status of the asset (Whole, Joint etc). Select the one that matches the asset.

Nominal

Type in how many of this asset there are. If left blank, Probate Plus will assume that there is always at least 1, and will update this entry accordingly. It is possible to enter a nominal with decimal places (E.g. for Treasury Stock). NB: When a nominal of 1 is entered, the asset report will not display the nominal figure before the asset description.

Value each

Type in the value of each of the assets. Probate Plus will then multiply this figure by the nominal and place the result in the base value box…alternatively enter the base value (see below) and the value each will be worked out for you.

Base value

Type in the total valuation of the asset, if a nominal is present, Probate Plus will work out the "Value each" (see above) for the asset.

Date Entered

You may (optionally) set the date on which the asset was added to the system. If the date is left blank, Probate Plus assumes that the asset existed at the date of death. This is important if you wish Probate Plus to accurately provide a picture of the assets and liabilities existing at the date of death.

Income only asset ?

If you mark (i.e put a check in the box [X]) an asset as an income only asset, the asset will not appear in any reports. However, you can perform actions (E.g. receive income) on the asset. This is normally used if you want to record income that enters the estate but is not produced by an asset of the estate (e.g. Client Account Interest from monies on deposit). Income only assets are marked accordingly in the asset browser.

Purchased ?

Where the asset is purchased during administration out of estate cash you can debit the purchase cost from a Probate Plus cash tracking account.

Finally the "Extra information page". – allows you to set various options for the asset such as " With instalment option?" and "Foreign Property?"

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