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 Montgomery Maryland Petition for Partial and Early Distribution of Estate is a legal document filed in Montgomery County, Maryland, to request the distribution of a deceased person's estate before the probate process is fully completed. This petition is typically filed by the executor or personal representative of the estate, who believes that immediate distribution of certain assets is necessary. In Montgomery County, Maryland, there are various types of Petitions for Partial and Early Distribution of Estate that can be filed, depending on the specific circumstances of the case. These types may include: 1. Emergency Petition for Partial and Early Distribution: This type of petition is used when there is an urgent need to distribute specific assets from the estate, such as to cover funeral expenses or outstanding debts of the deceased. It requires demonstrating immediate necessity for distribution. 2. Petition for Partial and Early Distribution of Solely Owned Property: If the deceased person solely owned certain assets that are not subject to probate, such as jointly owned property with rights of survivorship or assets held in a living trust, this petition may be filed to distribute those particular assets. 3. Petition for Partial and Early Distribution of Jointly Held Property: In cases where the deceased person held assets jointly with another individual, such as a spouse or family member, this petition can be filed to request the distribution of the deceased person's share of the joint assets. 4. Petition for Partial and Early Distribution of Estate for Beneficiary's Needs: This type of petition is typically filed when a specific beneficiary of the estate is in urgent need of funds or assets for essential purposes, such as medical expenses, tuition fees, or housing. It is important to note that each petition must provide compelling reasons for the requested early distribution, substantiating the immediate necessity or beneficiary's need, as well as any relevant supporting documentation. The petitioner must demonstrate that granting the petition will not compromise the overall probate process or the rights of other beneficiaries. If the court approves the Montgomery Maryland Petition for Partial and Early Distribution of Estate, the petitioner will be authorized to distribute the agreed-upon assets or funds to the designated beneficiaries. However, it is crucial to consult with an experienced attorney to understand the complexities and legal requirements involved in filing this type of petition accurately.
