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Apr 19th, 2007, 07:33 PM
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#1 |
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Junior Member
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Dec 10th, 2008 01:43 PM Join Date: Apr 2007
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Estate settled, years later found more assets
Four years after settling my father's estate, I was going thru old papers of his one last time to throw them out. I found a notice from his life insurance company stating that he was being given shares of the company. I verified that there are indeed some shares in his name. What can I do now? Am I still legally the the executrix? Thank you.
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Apr 20th, 2007, 08:39 AM
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#2 |
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Posts: n/a
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Re: Estate settled, years later found more assets
Yes--you technically are supposed to go back to the court that was involved and report what you found.
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Apr 20th, 2007, 11:39 AM
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#3 |
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Junior Member
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Dec 10th, 2008 01:43 PM Join Date: Apr 2007
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Re: Estate settled, years later found more assets
Actually, there was no probate court hearing. Who would I report to?
I filed the will with the county. All stocks and bank accounts were transferred to beneficiaries named on those accounts. Thanks |
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Apr 22nd, 2007, 09:50 AM
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#4 |
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Posts: n/a
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Re: Estate settled, years later found more assets
You could call the clerk at the county and report it. We did that in my pearents estate after a similar situation, but then nobody actually seemed to do anything or care afterwards. But you should give the shares however the will provided.
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Apr 26th, 2007, 02:04 PM
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#5 |
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Junior Member
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Dec 10th, 2008 01:43 PM Join Date: Apr 2007
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Re: Estate settled, years later found more assets
According to the IRS: "If settlement is prolonged unreasonably, the estate will be treated as terminated for federal income tax purposes. From that point on, the income, deductions, and credits of the estate are considered those of the person or persons succeeding to the property of the estate."
What is considered an "unreasonable" amount of time by the IRS? |
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Apr 27th, 2007, 03:43 PM
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#6 |
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Top Level Member
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Jul 11th, 2008 12:49 PM Join Date: Mar 2007
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Re: Estate settled, years later found more assets
That is not a provision as to legal ownership and not the law that really governs here frankly.
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Apr 27th, 2007, 08:31 PM
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#7 |
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Junior Member
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Dec 10th, 2008 01:43 PM Join Date: Apr 2007
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Re: Estate settled, years later found more assets
Thank you for all the replies.
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