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Level 3
posted Mar 3, 2024 10:52:08 AM

I've just finished my father's estate's final 1041. Should I file Form 56 and terminate the fiduciary relationship or just leave it open?

All assets have been distributed.

0 6 3178
6 Replies
Level 15
Mar 3, 2024 10:56:10 AM

Level 15
Mar 3, 2024 10:56:59 AM

Level 3
Mar 3, 2024 12:08:21 PM

Thank you for taking the time to respond and for replying so quickly. There's really nothing left to do on the estate. I'm the sole beneficiary as well as being the administrator, so I'm not likely to object to how the assets were handled. It was all very straightforward. The probate attorney seemed to feel that it was fine just to tuck the Form 56 in with the final return, but I'm a bit reluctant to do that, since it would seem to leave the estate without anyone to speak for it, should the IRS raise a question about anything. Presumably, it would also eliminate the mailing address for any correspondence. I took a quick look at 5495, but that doesn't seem to apply. Hopefully, it isn't required. One thing I've learned in the last couple of years is why my father swore by TurboTax. I can't imagine trying to wade through all of that without it.

 

Level 15
Mar 3, 2024 1:15:41 PM

Level 3
Mar 4, 2024 1:21:39 AM

Do I even actually have to file either of these forms? When it comes to my father's affairs, I'm it. There isn't anyone else to deal with them, until my own executors are filing my last forms.  I can't foresee anything cropping up, in the future, and I do still want any and all of his IRS mail coming to my address. Officially terminating the fiduciary relationship would seem to end all of that

Level 15
Mar 4, 2024 6:43:46 AM