Legal Question in Wills and Trusts in Massachusetts

Probating an Estate w/o Will

Myself and my sister are the only direct aires to the deceased (no will). My sister and I both agreed that I would administer the estate as she lives out of state(she signed the assent). No problems or contesting as we agreed that all monies would be set up in trust college funds for my children (sis does not have any children and we are already established in life). I have filed the petition, been appointed, posted newspaper notice, inventoried and filed said with court, paid creditors (nursing home, pharmacy, etc.). I would like some advice on how to proceed from here please. I have begun creating trusts for the children and distributing funds. I am assuming that once the bills are paid and funds are distributed I can close the estate and file IRS form 1041? Am I missing anything? What form(s) does the court look for after the inventory has been filed?

Thanks in advance for any and all help!


Asked on 7/28/06, 8:49 am

1 Answer from Attorneys

Re: Probating an Estate w/o Will

You may need to file both a Form 706 for both the State and Federal govts. You may need to file additional gift tax returns if you and your sister are taking the proceeds as distribution and then setting up an educational trust for your kids. If you file a federal 1041 for the estate you will need to file a Form 2 for Massachusetts.

If real estate is involved you will need to get a tax release from the state to sell it unless no estate tax return is required. The Mass form is call M-706.

You should talk briefly to an attorney or an accountant to assist you finishing things off. They should not charge much to simply give guidance.

Read more
Answered on 7/28/06, 11:17 am


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in Massachusetts