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.
The Oklahoma Petition for Partial and Early Distribution of Estate is a legal document that allows beneficiaries or heirs of an estate in Oklahoma to request the distribution of a portion of the estate before the full probate process is completed. This petition can be filed in specific circumstances where immediate or early distribution is needed, such as to address pressing financial needs or to take advantage of time-sensitive opportunities. Keywords: Oklahoma, Petition for Partial and Early Distribution of Estate, legal document, beneficiaries, heirs, estate, probate process, distribution, financial needs, time-sensitive opportunities. In Oklahoma, there are different types of Petitions for Partial and Early Distribution of Estate, depending on the specific circumstances and requirements of the situation. These may include: 1. Emergency Petition for Partial and Early Distribution: This type of petition can be filed in urgent situations where immediate distribution is necessary to avoid financial hardship or to prevent irreparable harm. It requires showing evidence of the imminent need for distribution and convincing the court that waiting for a regular probate process would be detrimental. 2. Petition for Partial Distribution for Payment of Debts: In cases where the estate has substantial debts or outstanding obligations, beneficiaries or heirs can file this petition, seeking early distribution to cover the necessary payments. This can help prevent the accrual of penalties or the escalation of financial burdens. 3. Petition for Partial and Early Distribution for Specific Legacies: This petition is commonly used when the estate includes specific bequests, such as valuable assets, sentimental items, or inheritances intended for particular individuals or organizations. It allows the beneficiaries or heirs to request immediate distribution of these specific legacies rather than waiting for the completion of the entire probate process. 4. Petition for Partial Distribution for Business Continuation: If the estate consists of a business or investments critical to its ongoing operations, beneficiaries or heirs may file this petition to obtain a partial and early distribution required for the continuation of the business or investment ventures. 5. Petition for Partial and Early Distribution for Tax Purposes: In situations where the estate faces significant tax liabilities, beneficiaries or heirs can file this petition to obtain an early distribution that can be used to pay off estate tax obligations promptly. This can help prevent further penalties or complications related to taxes. Keywords: Emergency, Payment of Debts, Specific Legacies, Business Continuation, Tax Purposes, Partial and Early Distribution of Estate, Oklahoma, beneficiaries, heirs, legal document, probate process, financial needs, time-sensitive opportunities, urgent, hardship, irreparable harm, debts, outstanding obligations, penalties, business, investments, taxes.
