Legal Question in Wills and Trusts in Massachusetts
Can beneficiary named in will redistribute inheritance?
My brothers and I each received a different share of our Uncle's estate. If all are willing, is it possible to change the distribution to make the shares equal, or will one have to gift the difference to the others later (which would imply a double taxation on the property)?
2 Answers from Attorneys
Re: Can beneficiary named in will redistribute inheritance?
It depends on how the distribution is established. If it is a testamentary trust (i.e., created in the will of your uncle, who is deceased), and it was set up with estate and other taxes in mind, you will have to look at the will and see if changes are permitted. If the trustee has the discretion to make changes in the distribution, it can be done.
If the distribution is to end before 2012, when the estate tax/gift tax changes go back to the previous status, you may not have a gift tax problem. Pay an estate planner to review the documents.
Re: Can beneficiary named in will redistribute inheritance?
The short answer is YES. The devil may be in the details. One would need to know whether the matter is or was in Court, if there are any court orders, how the shares are held, and what the executor is doing, saying or suggesting.
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