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 Washington Petition for Partial and Early Distribution of Estate is a legal document that allows individuals involved in an estate to request a partial distribution of assets before the probate process is completed. This petition is usually filed by heirs or beneficiaries who are in need of immediate financial assistance or those who believe that certain assets should be distributed early. In Washington State, there are different types of Petitions for Partial and Early Distribution of Estate. One common type is the Petition for Allowance of Family Allowance and Partial Distribution, which allows the surviving spouse or dependent children to request an early distribution of assets for their support and maintenance. This type of petition ensures that the family's necessities are taken care of before the probate proceedings are finalized. Another type of petition is the Petition for Partial Distribution for Creditors' Claims, where creditors who have valid claims against the estate can request a partial distribution to satisfy their debts. This petition allows for a fair and orderly distribution of assets, ensuring that the estate's debts are properly addressed. Additionally, there is the Petition for Partial Distribution for Distribution of Specific Property, which is filed when an heir or beneficiary wishes to obtain a specific asset from the estate before the final distribution. This type of petition is commonly used when there is a pressing need for a particular item, such as a vehicle or personal belongings. It is important to note that each petition for partial and early distribution of estate in Washington requires a detailed explanation of the reasons for the request, supporting documentation, and compliance with the state's probate laws. The court will carefully review the petition, considering the best interests of all parties involved, before granting any approvals. It is recommended that individuals seek legal counsel to ensure proper preparation and filing of the petition.
