California Petition for Partial and Early Distribution of Estate

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Multi-State
Control #:
US-03317BG
Format:
Word; 
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Description

Ideally, no distributions to the beneficiaries under the will should be make until the estate is closed and closing letters received from the Internal Revenue Service and the State Tax Commission if estate tax returns were filed. This is not always possible, particularly in light of the fact that it generally takes a minimum of nine months to get a closing letter from the IRS. Beneficiaries are usually not that patient. The earliest an executor can close an estate is after the time to probate claims has expired and no claims have been probated. This is generally possible in estates that dont require estate tax returns, particularly when surviving spouse is the sole beneficiary.


After the time for probating claims against the estate has expired and estate taxes have been paid, a partial distribution to the beneficiaries may be in order, particularly if there are no unpaid claims outstanding against the estate and the closing attorney is comfortable that the estate tax return will be accepted by the IRS as filed. In any event the executor and closing attorney should hold back enough cash from the distribution to pay for the remaining expenses of administration and to pay for any estate taxes that may be assessed by the IRS.

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FAQ

This agreement like any other agreement can direct a different means of distributing the estate from what the Will specifies. It can even supersede the direct distribution of assets under the Last Will (or no Last Will), subject to some stipulations, and conditions to their recognition.

This is when courts transfer the ownership of assets to beneficiaries or heirs. The final distribution only occurs when the estate is settled, meaning all creditors and taxes have been paid, all disputes have been resolved, and the judge gives final approval.

The task must be faced. There are many situations in which the obvious option?an equal division of assets among children?is the right choice. However, in some families, giving each child an identical inheritance might not make sense.

This trust is then used to supplement the needs of the individual who is receiving the benefits so that those benefits will not be lost. The short answer is that you have the absolute ability to make unequal distributions to your children or family members if you choose to do so.

If a beneficiary has expressed to the trustee that they wish to refuse their distribution from the trust, the trustee should have them sign a disclaimer.

California law says the personal representative must complete probate within one year from the date of appointment, unless s/he files a federal estate tax. In this case, the personal representative can have 18 months to complete probate.

Response to will contest: within 30 days after service of summons. Petition to Revoke Probate: within 120 days after will is admitted to probate. Inventory and Appraisal: within 4 months of issuance of letters. Creditor Claim: 4 months after letters or 60 days after notice.

Generally, beneficiaries have to wait a certain amount of time, say at least six months. That time is used to allow creditors to come forward and to pay them off with the estate assets. (In some cases, an executor may make partial distributions to the heirs after he or she estimates the debts.

An order for final distribution in California probate is conclusive to the rights of heirs and devisees in a decedent's estate. The order also releases the personal representative from claims by heirs and devisees, unless, of course, there is fraud or misrepresentation present.

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California Petition for Partial and Early Distribution of Estate