Massachusetts Receipt of Beneficiary for Early Distribution from Estate and Indemnity Agreement

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Multi-State
Control #:
US-03316BG
Format:
Word; 
Rich Text
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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 don't 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.

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FAQ

The Personal Representative must file a final account, report and petition for final distribution, have the petition set for hearing, give notice of the hearing to interested persons, and obtain a court order approving the final distribution.

First and foremost, there are a number of asset types that typically do not pass through probate. This includes life insurance policies, bank accounts, and investment or retirement accounts that require you to name a beneficiary.

One of your beneficiary rights in Massachusetts is the right to receive an accounting of the trust at least annually. This report can be formal or informal, but the trustee must provide annual updates about the trust's current assets and value.

The Receipt And Release will state that the beneficiary releases the Trustee from any and all claims, damages, legal causes of action, et cetera, known or unknown, regarding the administration of the Trust. Third, there may be unknown liabilities at the time of the distribution, most commonly income tax.

As a beneficiary, you are entitled to review the trust's records including bank statements, the checking account ledger, receipts, invoices, etc. Before the trust administration is complete, it is recommended you request and review the trust's records which support the accounting.

A waiver of accounting is a voluntary waiver by all heirs and beneficiaries that eliminates a very time-consuming and expensive accounting process by the Personal Representative. In order for a probate estate to be closed, the court requires the filing of a petition for final distribution.

In Massachusetts, Executors and Administrators are appointed to oversee the probate process when someone dies. An Executor or Administrator is responsible for collecting assets, paying debts, and distributing remaining assets to heirs and legatees.

Bank accounts, retirement accounts, and life insurance will automatically transfer an inheritance if beneficiaries are designated. Listing beneficiaries on these accounts can be the easiest and quickest way to transfer those assets outside probate court.

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Massachusetts Receipt of Beneficiary for Early Distribution from Estate and Indemnity Agreement