Legal Question in Wills and Trusts in Maine
Earnings on witheld inherited funds
If a portion of inherited funds is witheld in case of a possible future IRS estate audit and those funds earn substantial interest or growth, are the heirs entitled to that growth when the final distribution is made
1 Answer from Attorneys
Re: Earnings on witheld inherited funds
The question is somewhat difficult to answer in the abstract. If the bequest in the Will was for a specific sum to a beneficiary, then the accumulated income due to its withholding in the estate would be part of the residue of the estate to be distributed in that manner. If the bequest was for a beneficiary to receive the proceeds from the sale of certain property that has been sold but the proceeds are being held, then, yes, the beneficiary should pursue its claim with the Personal Representative to be sure he/she obtains that interest.
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