What is the soonest that assets can be distributed to heirs, in whole or in part?

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What is the soonest that assets can be distributed to heirs, in whole or in part?

The decedent passed away 8 months ago. His house is the only significant asset in the estate, and it has been sold and will close at the end of this month. Decedent’s 3 adult children are the only heirs. No debts, and no one disputing the will. I’ve been told no distributions can be made until after the Department of Revenue audits the state estate tax return, a process that could take 4-6 months after the return is filed next month. Is this true or is there a faster way?

Asked on August 7, 2012 under Estate Planning, Pennsylvania

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

That question is best asked to an attorney in your state.  But what I can tell you is that no fiduciary of an estate is wise to partially distribute any of the assets or funds from the sale of assets until the tax return has been approved and taxes paid.  Good luck. 


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