Planning Ahead
Deborah Miller, JD, Sr. Director of Planned Giving, West Virginia University Foundation
In the previous column, the
opening tasks for administering
an estate were discussed. Bringing
the will to the courthouse, having
someone qualify as the personal
representative, and completing the
appraisement form to determine
the monetary value of the probate and non-probate assets
can require some time, but there is more to do.
Generally, the personal representative will delay
distribution of the estate property to the heirs until all
creditors have been paid and the estate’s tax returns have
been filed.
Often, a personal representative will retain the
services of an attorney, accountant or appraiser
to assist with the valuation, possible sale and
distribution of the assets.
Naming a person or the trust department of a
financial institution to be your estate’s personal
representative carries with it a significant responsibility.
Understanding what is required can also help you to
evaluate what will be the best choice.
If the estate has more than one heir and the probate
assets are worth more than $100,000, a county official
will generally be appointed to review the personal
representative’s records, as well as to oversee the
handling of creditors’ claims.
Included among the forms needed to close the estate
and end the probate process are a listing of all receipts
and payments and information showing that no claims
(tax or creditor) remain against the estate.
That’s good planning.
That official is a fiduciary commissioner or a fiduciary
supervisor, depending on the county in West Virginia.
The fiduciary official is also responsible for filing certain
estate information with the county commission.
The estate administration process may also extend to
other counties or states if the deceased person owned real
estate there. All requirements applicable to those areas
must be met.
Further, the personal representative will be required
to handle payment of any debts owed by the estate, as
well as all taxes.
If the estate’s value is $5,340,000 or more in 2014, a
federal estate tax return will be necessary. The return will
be reviewed in detail by the Internal Revenue Service.
Also, a final income tax return for the deceased person
will be required. One or more income tax returns for the
estate may be necessary because the estate’s assets will
continue to earn interest, dividends, and other income
during the administration period.
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West Virginia Farm Bureau News 13