Virgin Islands Petition for Partial and Early Distribution of Estate

State:
Multi-State
Control #:
US-03317BG
Format:
Word; 
Rich Text
Instant download

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

BVI does not impose estate or inheritance taxes, facilitating wealth transfer to beneficiaries. Trust income is tax-free for non-resident trusts without real estate in BVI conducting commercial operations.

What happens if you don't have a will? If you die intestate, meaning without leaving a will, Government will distribute your possessions, property and money ing to the law of intestacy. Under the Intestates Act, your possessions will be divided into two categories, namely, personal chattels and residuary estate.

A grant of probate is obtained where the deceased left a will which contains a valid appointment of an executor. Where there is a will, the executor applies for the grant. A grant of letters of administration is obtained where the deceased died intestate (ie where there is no will).

You should plan to spend around $330 per day on your vacation in the British Virgin Islands, which is the average daily price based on the expenses of other visitors. Past travelers have spent, on average, $72 on meals for one day and $29 on local transportation.

The fees are dependent on the value of the estate and each document filed with the court and can be upwards of US$7,000. The application is not subjected to inheritance tax as there are no taxes in the BVI.

A grant of probate is obtained where the deceased left a will which contains a valid appointment of an executor. Where there is a will, the executor applies for the grant. A grant of letters of administration is obtained where the deceased died intestate (ie where there is no will).

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Virgin Islands Petition for Partial and Early Distribution of Estate