Taxpayer died in March before tax returns were filed. T/P had all assets in a revocable family trust. T/P also had a will. The will has the terms on how the residual estate should be distributed. The residual estate is only personal belongings. There were also retirement accounts outside the trust that had designated beneficiaries. The successor trustee is also the executor. Trustee/executor signed and filed the 1040. There is a tax refund. The distribution rules in the will are slightly different then the distribution rules in the trust. Named individuals in the will are the same ones named in the trust. No estate tax return is required to be filed. EIN has been assigned to the irrevocable trust that came into existence upon the death of the T/P. Estate has no income producing assets and there does not appear to be any reason to obtain an EIN for the estate as no income tax return will be filed for the estate. When the federal refund comes in, which document determines how the refund is to be distributed - trust or will? I am assuming it is the will as the refund seems to be part of the residual estate.
- posted
18 years ago
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