What debts are owed? After it is determined that there are sufficient funds to pay all debts, the executor can then begin the process of distributing the assets of the estate. When Can You Expect Your Inheritance? You never know what the earlier steps will bring, so be strong in encouraging patience among beneficiaries. In some cases, personal liabilities can arise if there is any mal-administration. It is even more common for the wise fiduciary to take an informal poll of the beneficiaries to determine their wishes and if there is real resistance to the preliminary distribution, determine if there is good cause for the objection…and seek to remedy the concerns. You should choose someone who is unbiased and who you can trust. The most common objection, however, is often from other family members not receiving the distribution who may feel it is unfair or somehow may impact their interests. The opposite is usually true: the executor cannot distribute assets too soon. Have a question about executorship? As estate executor, is it OK to distribute assets early in the process? If you are working on the accelerated 30 days to Probate timeline you will need to consider new creditors (see ' Creditors'). If only two months have elapsed, courts may be very cautious in granting preliminary distribution under Probate Code Section 11620 because there is little protection for persons interested in the estate from additional creditors’ claims that may still be presented. One of your primary roles is to help the family stay together or at least get-along during this difficult time. The personal representative can close the estate when: the time for filing creditor claims has expired; there is enough money in the estate to pay creditors and taxes; and the estate is in a condition where it can be closed. In order to set up an estate bank account you will need a certified copy of the death certificate, Letters Testamentary or Letters of Administration from the court, and an Employer Identification Number (EIN) from the IRS.You can apply for an EIN here.You can set up an estate bank account at your bank, at the bank of the person who died, or at another bank. If you are a beneficiary of a family Trust fund, then there are a myriad of topics to understand how trust fund distribution to beneficiaries occurs. These portion are as equal as you can get. Distribute remaining assets. Estate planning involves more than just figuring out who will inherit your property when you die. After your death, your executor is responsible for administering your estate through probate. For example, if you are single you may want to distribute your assets to selected friends and family. Only you can decide what you would like to give to the people who are important to you. Should I Accept Compensation for My Work as Executor? But if she does occasionally use her own money on behalf of the estate, she's entitled to reimbursement. Certainly unless there is an overriding reason, the preliminary distribution should seek to treat all beneficiaries equally and it is common to have all beneficiaries receive, pro rata, their share of the distribution. At the most basic level, you can distribute your estate either during your lifetime, or after your death. Trust Fund Distribution to Beneficiaries. Most estates do not exceed these amounts; therefore, no federal estate tax is due. When the estate calculates its first required distribution (RMD) it will use a factor of 15.3. Taking a random collection of items out of a house can make it much less attractive and send the message to a buyer that you are very anxious to sell — potentially lowering the offer you receive. Indeed, in any complex estate which may take years to close, it is the choice a wise fiduciary should make to benefit the heirs. If you are the executor of the estate, you should be using competent, experienced legal counsel to assist you in determining when it may be appropriate to start making distributions. If the Trust has Assets Other than Cash When the Trust has assets other than cash, then the handover to beneficiaries can be a bit more involved. The common reason for making a preliminary distribution of a portion of the decedent’s assets before the estate can be finally closed and distributed is to allow one or more beneficiaries to enjoy all or a portion of their inheritance before final distribution. Quite often those people will not file a formal objection but will appear at the hearing to voice their concerns.