New York Petition for Partial and Early Distribution of Estate

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Multi-State
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US-03317BG
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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

In New York State, an estate should remain open for seven months before distributions are made. After this seven month period, the executor may be able to start making distributions to the beneficiaries, if all expenses and taxes are paid. g.

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.

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.

Section 207.4 Papers filed in court; clerk's file number; official forms. (a) Unless otherwise specified by the court, attorneys, as well as parties appearing without attorneys, shall prepare and submit all papers, pleadings, orders and decrees to be acted upon by the Surrogate.

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.

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.

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.

The Will will also name beneficiaries who are to receive assets. An executor can override the wishes of these beneficiaries due to their legal duty.

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New York Petition for Partial and Early Distribution of Estate