Petition for Partial and Early Distribution of Estate

• Category: Probate
• State: Multi-State
• Control #: US-0893BG
• Format: Word; Rich Text

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 don't 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.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

A Petition for Partial and Early Distribution of Estate is a legal document used to request the court to distribute part of a deceased person's estate prior to the end of a probate process. Typically, the petitioner is a beneficiary of the estate, such as a family member or creditor, who seeks access to financial resources before the probate process is complete. There are two types of Petition for Partial and Early Distribution of Estate: 1) General Petition for Partial and Early Distribution of Estate, which is used to request the court to distribute part of an estate prior to the conclusion of the probate process, typically in cases where the estate is large or complex; and 2) Special Petition for Partial and Early Distribution of Estate, which is used to request the court to distribute part of an estate prior to the conclusion of the probate process, typically in cases where the estate is small or simple. In either case, the petitioner must provide detailed information about the estate, the beneficiaries, and the proposed distribution, and must demonstrate to the court that the partial distribution will not prejudice other beneficiaries or creditors of the estate. The court will then decide whether to grant the partial distribution.