When Can a Distribution Occur During Probate of an Estate
My question involves estate proceedings in the state of: CT
At what stage of probate can final distribution occur? Once debts are paid, taxes filed, notice given to creditors, etc. does final distribution take place at this point? All of this will be done by around next November, but I was told 'the Estate will not close' until next Spring. Does this mean for some reason the Distribution is postponed until next Spring when the Estate is officially closed? Not sure why the Estate stays open that long. Thank you.
Re: When Can a Distribution Occur During Probate of an Estate
For court-supervised probate, following the notice to creditors, submission and processing of their claims, dealing with taxes and other estate issues, distribution occurs after proper notice to the beneficiaries and approval of the final distribution by the court.
If distribution will not occur until next spring, and you're eager for some money, you can see if the administrator might petition for an early, partial distribution prior to the closing of the case. Whether that's possible or appropriate will depend on the facts of the case.
Re: When Can a Distribution Occur During Probate of an Estate
So if I understand, the final distribution does not occur until the time of estate/probate being closed? There are no creditors. Would it take ~6 months after the taxes and other estate issues are settled to close the estate? thank you again.
Re: When Can a Distribution Occur During Probate of an Estate
As you were told, distribution occurs at the end of the probate process, following notice to the beneficiaries and court approval. Again, you can propose to the administrator that there be a partial, early distribution.
We don't know anything about the estate, so we're not in a position to tell you why distribution is not expected to occur until the spring.
Re: When Can a Distribution Occur During Probate of an Estate
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LeighG
So if I understand, the final distribution does not occur until the time of estate/probate being closed? There are no creditors. Would it take ~6 months after the taxes and other estate issues are settled to close the estate? thank you again.
One reason to wait until the spring would be to deal with the decedents final tax return and the estate tax return. Income documents from 2015 will not be available until the end of January/beginning of February.