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My sister passed away on July 3rd,and she did not have a will.

My other sister and I...
My sister passed away on July 3rd,and she did not have a will. My other sister and I were
left as beneficiaries of her 401K. My sister has already cashed out her portion, but I was
trying to roll my portion over into an inherited IRA to ease the tax burden. One of the forms
I will have to submit is an Affidavit of Domicile, where I will have to affirm that my de-
ceased sister's estate has been settled. Her estate has not even been established yet.
Can I do this or should I just cash out the account?
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Answered in 5 minutes by:
9/4/2013
Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 56,035
Experience: 29 years of experience practicing law, including tax and estate planning.
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Hi! My name is XXXXX XXXXX I look forward to helping you!


Good evening. Can you provide me the form they are asking you to sign? The reason I'm asking is that typically an Affidavit of Domicile is simply an affidavit that the decedent lived in the applicable state and the time period of that residence. A typical Affidavit of Domicile does not require that you affirm that the estate has been fully settled; in fact, the Affidavit of Domicile is typically to facilitate the process of settling the estate and thus almost by definition must be provided prior to the estate being settled.
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Customer reply replied 4 years ago

I do not have a fax machine, but the form asks for my sister's infor-


mation. Then my information, and the next portion says,


3. Affirmations


Any and all debts of the deceased, claims against the estate, admini-


stration expenses, inheitance and estate taxes and legacies having


priority, have been provided for or paid.


 


This affidavit is made for the purpose of securing the transfer or


delivery of property owned at the time of the decedent's death to a


purchaser or the person or persons legally entitled thereto under the


laws of the state of the decedent's domicile. Any apparant inequality


in distribution is appropriate, whether because of the manner of dist-


ribution of other estate assets, the provisions of the estate plan or other factors.


 

Customer reply replied 4 years ago

I do not have a fax machine, but the form asks for my sister's infor-

mation. Then my information, and the next portion says,

3. Affirmations

Any and all debts of the deceased, claims against the estate, admini-

stration expenses, inheitance and estate taxes and legacies having

priority, have been provided for or paid.

 

This affidavit is made for the purpose of securing the transfer or

delivery of property owned at the time of the decedent's death to a

purchaser or the person or persons legally entitled thereto under the

laws of the state of the decedent's domicile. Any apparant inequality

in distribution is appropriate, whether because of the manner of dist-

ribution of other estate assets, the provisions of the estate plan or other factors.

 


Thanks for following up. That provision doesn't mean the estate has to have been settled. It simply is affirming that "any and all debts of the deceased, claims against the estate, administration expenses, inheritance and estate taxes and legacies having priority have been provided for or paid." That means that the estate will be able to pay its debts basically and other than estate taxes, all the other debts do not have priority over your 401k inheritance. So, you can affirm this without having settled the estate and you should..taxwise...have it rolled over into an inherited IRA to delay the taxation of the inheritance.



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Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 56,035
Experience: 29 years of experience practicing law, including tax and estate planning.
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Customer reply replied 4 years ago

Thank you.

You're welcome...it's my pleasure to help!
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Thank you also for the generous bonus! I appreciate your kindness!
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Richard
Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 56,035
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Experience: 29 years of experience practicing law, including tax and estate planning.

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