Overview


This process allows users to link assets which exist to the list in the will section, so that they can highlight where an item was named in the will but no longer exists.


Adding Beneficiaries/Details of the Will


From the Wealth Management module, select the Client tab and the menu option Estate Details – Edit.


Navigate to the Beneficiaries tab on your client, and ensure all beneficiaries of the estate are added here using the Add New Entry button here.


From within the Add Beneficiary window, you will have four steps to adding a beneficiary:

  • Step 1 – select whether this beneficiary is a Family Member, or Other entity.
  • Step 2 – select the beneficiary from the list of available entities. In the event they are not in Troika yet, use the Add New Entry button to the right here to add them as a new entity.
  • Step 3 – select the Type of Bequest for your beneficiary. You MUST ensure any beneficiary with a share of the residue (a residuary beneficiary) is added first, before other beneficiaries. Enter the Amount of Value of the bequest, and add a description if prompted. Use the arrows to add it to their list of bequests. Continue adding all bequests within this step.
  • Step 4 – this is a summary of the information entered. Once checked and agreed, click Finish to add the beneficiary record.


The beneficiary has now been added. Repeat for further beneficiary records.


Where your beneficiary has been entered incorrectly, and their bequests require amending, select them from the list within the Beneficiaries tab, and click the Edit Beneficiary button, immediately beneath the Add New Entry button on the right hand side:

Use the Add New Entry button to add further bequests to the record, or click Edit to amend the value of a bequest noted.


In our example we have added 2 specific bequests added, one for Mrs Test, and one for Master Test.  Both items will fall into the IHT407 - Household and personal goods.


Adding Assets in Load Data


Still within the Wealth Management module, the Client tab and the menu option Estate Details – Edit, navigate to the Inheritance Tax Account tab. Ensure that the 407 for Household and personal good has been checked as required. If not, do so now.


Navigate back to the main menu, on the Client tab and select the menu option Load Data. Select the IHT Details button to add a transaction as at the date of death.


Ensure the Assets/Liabs radio button is selected, and from the Asset Type drop down list, select Household and personal goods (IHT407).


From the Subsection drop down list, select Jewellery (IHT407_1). Enter the description of the item, and the Value. If this an estimate of its value, ensure the Estimate check box is ticked.


In the event the item has already been sold, update the Date of sale (if sold) field on the Additional Information tab, and the Gross sale proceeds on the Additional Amounts tab.


Click Add to add the transaction.


Linking the Beneficiary Record to the Asset Loaded


Navigate back into the menu option Estate Details – Edit, and the Beneficiaries tab. Highlight the beneficiary record you want to link to the asset, and click on the Link Asset button (the bottom button of the four on the right hand side).


Select the asset from the list presented and Click OK.


The bequest within the Beneficiaries list will now display with a star, denoting it is now linked to an asset recorded within the estate.

Navigate to the Reports tab, select the Report of Beneficiaries, and click Preview. The Report of Beneficiaries will also show the specific bequest has been linked to an asset, denoted by a *.

Any asset displayed here which is not linked to an asset (and does not have a * next to its value) can be deemed ‘missing’ or unaccounted for, given it is not linked to a physical asset of the deceased’s estate.