Refunds and other money owed to the deceased

In this sense, money owed to the deceased is similar to an asset.

It might include:

1. Money the deceased lent to someone which has not been repaid;
2. An “IOU” owed to the deceased;
3. Salary or wages owed to the deceased;
4. Income due from a trust until the date of death;
5. Money or assets due to the deceased from the estate of someone who died before them; and
6. Money owing to the deceased from a director’s loan account or a company’s current account.

On the “Return of estate information” form (IHT205), different types of money owed to the deceased are declared in different boxes. The Probate Wizard takes care of this for you.