Bob_Somebody
Junior Member
What is the name of your state? New York
I am executor of my father's estate. Most cash/stocks/bonds/mutual fund assets have been collected into an estate account. Only a small number of insurance claims and IRAs remain as well as selling of father's primary residence.
I've completed a rough draft of his final income tax report and it appears that no taxes will be due on the estate (total value [cash & real estate] is approximately $600,000.). There are no other bills for the estate.
My question is when am I legally allowed to begin distribution of the assets of the estate? I would like to distribute most of the cash amongst the heirs (myself and my one brother and my one sister) as soon as possible and do the final distribution of cash proceeds from the real estate sale when that occurs.
Is this allowed, or must I wait until all assets are collected into the estate or other events occur (such as getting final tax forms filed) before I can distribute?
Any info is appreciated.
Bob S.
I am executor of my father's estate. Most cash/stocks/bonds/mutual fund assets have been collected into an estate account. Only a small number of insurance claims and IRAs remain as well as selling of father's primary residence.
I've completed a rough draft of his final income tax report and it appears that no taxes will be due on the estate (total value [cash & real estate] is approximately $600,000.). There are no other bills for the estate.
My question is when am I legally allowed to begin distribution of the assets of the estate? I would like to distribute most of the cash amongst the heirs (myself and my one brother and my one sister) as soon as possible and do the final distribution of cash proceeds from the real estate sale when that occurs.
Is this allowed, or must I wait until all assets are collected into the estate or other events occur (such as getting final tax forms filed) before I can distribute?
Any info is appreciated.
Bob S.