Legal Question in Wills and Trusts in Florida

My father died and had a revocable living trust. I just sold his home and now ready to distribute fund to the beneficiaries. A copy of the trust was filed with the clerk of the circuit court at the time of his death.

Do I need to file anything for the distribution or do I need to complete any IRS forms for the distribution. The amounts do not come close to the $1 million estate tax limit.


Asked on 8/05/10, 1:46 pm

1 Answer from Attorneys
Richard Kaplan

Two main concerns:

1) IRS - make sure you have a CPA to take care of any final income tax returns. Make sure you hold back sufficient funds to pay taxes, or it will come out of your pocket.

2) Beneficiaries have the right of an accounting, and 6 months to review it. Of course if they waive it, you can go ahead. Do not distribute anything to them until either an accounting has been done that they except and waive objections, or 6 months has passed since you sent the accounting to them by certified mail, RRR. If you distribute, and they have a problem, you may have to personally make them whole.

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Answered on 8/10/10, 2:03 pm


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