Legal Question in Wills and Trusts in California

a judgement of final distribution has been filed and approved by court on August 20 2010. the atty sent each beneficiary IRS K-1 forms to sign on Sept 24, 2010, stating it must be signed before distribution. He rec'vd mine on 9-26-10 but will not distribute funds until all 32 beneficiaries have sent the form back. Why


Asked on 10/06/10, 4:41 pm

2 Answers from Attorneys

Aaron Feldman Feldman Law Group

I don't know if anyone contested the judgment. That would be one reason to wait until the attorney is certain that noone is filing an appeal of some sort. The other reason is just to keep track of everything and to have the distribution sent in an orderly fashion. I am sure that it has seemed like a slow process getting through Probate, which it is. I can only suggest trying to remain patient during these last small steps.

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Answered on 10/11/10, 7:49 pm
Jonathan Reich De Castro, West, Chodorow, Glickfeld & Nass, Inc.

I am not sure why he would ask you to sign the K-1 form. Generall K-1s are only generated when the tax returns are prepared and filed. This may be his way of asking everyone to sign off on the amount they are receiving but that would seem to be unnecessary since, as you say, the final distribution was approved by the Court. That being said, it is not unreasonable for the executor to want to get everything lined up before the distributions are made, especially if there was any type of contest or objection. As it has only been a few weeks since the forms were mailed out, I also suggest that you remain patient. If you have some urgent need for the funds, you should talk to the executor about it.

Good luck.

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Answered on 10/12/10, 8:46 am


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