Puerto Rico Sample Letter to State Tax Commission concerning Decedent's Estate
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How to fill out Sample Letter To State Tax Commission Concerning Decedent's Estate?
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FAQ
The personal representative of an estate is an executor, administrator, or anyone else in charge of the decedent's property. The personal representative is responsible for filing any final individual income tax return(s) and the estate tax return of the decedent when due.
Initially, it is important for the Personal Representative or Trustee to gather all information about the decedent's assets. These assets include cash, stocks, bonds, mutual funds, life insurance, retirement accounts, tangible personal property (e.g., art, jewelry and vehicles), partnerships and real property.
Appointing a Personal Representative The order from highest to lowest priority is: The person named as personal representative in decedent's will. The decedent's surviving spouse if the spouse is a devisee. Other devisees of the decedent.
A personal representative (or legal personal representative), also known as the executor, is the individual chosen to administer the estate of a deceased person. They are designated as such by the decedent or by a court.
The surviving spouse who is a devisee of the decedent has the highest priority for consideration as the personal representative in informal probate proceedings.
The personal representative (defined earlier) must file the final income tax return (Form 1040 or 1040-SR) of the decedent for the year of death and any returns not filed for preceding years. A surviving spouse, under certain circumstances, may have to file the returns for the decedent. See Joint Return, later.
One of the most important reasons to make a will is to name your executor -- commonly called a "personal representative" in South Carolina. After your death, your executor's primary job is to protect your property until any debts and taxes have been paid, and then transfer what's left to those who are entitled to it.
All real estate in Puerto Rico is subject to the probate system. This system is based on a "forced heir" policy, that states that all children need to receive from the decedent (the person that died).