Legal Question in Wills and Trusts in Minnesota
Inheritance received - Where'd the rest of the estate go?
I just received only a check in the mail of my inheritance from my brother's estate. My sister was the personal representative. I would like to see how estate was handled - should I have received something with my check of my inheritance or is there something that would tell me where all the money went? Also will my inheritance be taxed at my tax rate?
1 Answer from Attorneys
Re: Inheritance received - Where'd the rest of the estate go?
Ordinarily, inheritance is not taxed as income. Sometimes there is an inheritance tax, but that would usually be paid by the estate. If there is income included in what you received, the estate should send you a Form 1099 which would disclose how much of what you received was income. Most likely, you have no tax to pay.
If the estate is being probated in Minnesota, the Personal Representative is required to provide an explanation to all the beneficiaries of what the estate received and where it all went, including the expenses and distributions. This would usually be provided at the end of the administration just before closing the court file.
So it may be a while, but you should receive something.
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