My father's probate case is closing soon. I am his administrator and sole heir. I've filed the initial Form 56 and the first 1041. When probate closes, I will be released from my duties as administrator. That poses a problem with Form 56, since I would no longer have the court appointed authority to act on his behalf. I would still need to file the final 1041. Am I making this too difficult? You'd think that as his daughter and only heir, I would have enough of a fiduciary relationship to satisfy the IRS.
You do have enough of a fiduciary relationship to satisfy the IRS. File the final 1041 and then you have completed your responsibilities. All income should transfer to your tax return through the K-1 and it is finished. Be sure to make the 1041 as the final return and you're all set.
@trudgingalong wrote:
Am I making this too difficult?
Yes, you are.
The estate continues to exist until the final distribution is made to the heirs and other beneficiaries and, as a result, so does your fiduciary relationship.
Thank you for responding so quickly. I thought this was probably how it would go, but really didn't want to take any chances.
Thank you for taking the time to reply. I'm really good at overthinking things. It would help if the IRS booklets were a little clearer in the fine points. I think they assume everyone is either a lawyer or a tax professional. They all seem to fall into the "why should this be simple?" category.