Just went through this "last" year. Like you, there were no probate-able assets. Everything TOD, POD, joint account, joint ownership, or with a designated beneficiary. Thus there would/could be no probate. With no probate, it would not be possible to have an executor. Therefore, the two of us inheriting assets didn't even contact any government entity.My dad passed in February of this year. I was a joint owner on his checking account. He also held brokerage accounts of which I am a co-beneficiary with my siblings. These accounts have continued to pay out dividends over the past couple months, while we wait for them to be divided and transferred to the beneficiaries: some dividends staying in the brokerage account, others being paid directly to the checking account. I am named as personal representative in his will, but as he had no other probate-able assets, no one has been formally assigned as executor by the court system.
Various accounts earned interest/dividends. Amounts paid after the date of death turned into income for whomever gained ownership of the account(s). Other replies here mention nominee interest/dividends. We had a professional tax preparer do the decedent's final tax return. (The same preparer had also done previous years.) The preparer told us to handle the nominee process informally. We simply declared the income on our Schedule B's. The preparer did not file nominee 1099's with the IRS. Apparently that process is quite difficult - beyond the scope of a preparer who's earning a few hundred dollars for an individual return. Presumably the decedent's return shows the nominee amounts as negative line entries on Schedule B.
Statistics: Posted by boomer_techie — Tue Apr 16, 2024 3:54 pm — Replies 10 — Views 1148