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.
A New York Petition for Partial and Early Distribution of Estate is a legal document filed in New York State Surrogate's Court that requests the distribution of a portion of an estate prior to the final settlement. This petition is typically filed by a beneficiary or executor/administrator of the estate and requires a court's approval. Keywords: New York, Petition for Partial and Early Distribution of Estate, estate distribution, Surrogate's Court, beneficiary, executor, administrator. There are different types of New York Petitions for Partial and Early Distribution of Estate, including: 1. Petition for Partial Distribution of Estate Assets: This type of petition is filed when there is an urgent need for early access to a portion of the estate's assets. Reasons for such urgency could be to cover funeral expenses, outstanding bills, or support dependents. 2. Petition for Partial Distribution of Real Property: If the estate includes real estate properties, this petition specifically requests the early distribution of one or more properties. This could be necessary when there is a buyer ready to make a purchase or when it is imperative to divide the estate according to beneficiaries' specific interests. 3. Petition for Partial Distribution of Financial Accounts: In cases where the estate holds substantial financial accounts, this petition seeks the early distribution of a portion of those accounts. This may be required to address immediate financial obligations or investments required to preserve the estate's assets. 4. Petition for Early Distribution of Specific Asset: Sometimes, a beneficiary may be entitled to a particular asset or item from the estate due to specific circumstances. This petition requests the early distribution of that particular asset, allowing the beneficiary to receive it before the final settlement. 5. Petition for Early Payment of Debts: In certain situations, the estate may have significant debts or liabilities that need immediate attention. This petition enables the executor or administrator to request the early distribution of funds required to settle these debts promptly. By understanding the different types of New York Petitions for Partial and Early Distribution of Estate, individuals involved in the estate administration process can navigate the legal procedures more effectively and ensure timely resolutions for beneficiaries or necessary obligations. Remember, consulting an attorney experienced in estate law is advisable to accurately prepare and file these petitions.
