Ohio 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

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.

If there is no spouse and no children, the deceased's parents will inherit. More distant relatives?aunts, nephews, cousins of any degree, etc. ?are next in line if the deceased had no spouse, children, or parents. If the court cannot locate any living relatives, the state of Ohio will inherit the entire estate.

Typically, fees ? such as fiduciary, attorney, executor, and estate taxes ? are paid first, followed by burial and funeral costs. If the deceased member's family was dependent on him or her for living expenses, they will receive a ?family allowance? to cover expenses. The next priority is federal taxes.

Class 1 Debts In Ohio Probate: Costs And Expenses Of Administration. Class 1 debts in Ohio probate are paid first and include the fees of probate administration and court costs. Attorney's fees and fees for the executor of the estate are also part of this class.

To begin the inheritance distribution process, you must submit the will through probate. After the probate court reviews the will, it's authorized to an executor, and the executor then legally transfers all assets?again, after settling taxes and debts.

If the executor or administrator distributes any part of the assets of the estate within three months after the death of the decedent, the executor or administrator shall be personally liable only to those claimants who present their claims within that three-month period.

Who Gets What in Ohio? If you die with:here's what happens:children but no spousechildren inherit everythingspouse but no descendants or parentsspouse inherits everythingspouse and descendants from you and that spousespouse inherits everything4 more rows

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Ohio Petition for Partial and Early Distribution of Estate