Beneficiary Receipt Of Distribution: Fill & Download for Free

Gifts are not taxable income to the recipient, generally. One exception would be if you received a gift by being named beneficiary of an IRA or retirement plan. In that case you would pay taxes on the receipt of each distribution. (This assumes that the decedent did not make any non-deductible contributions to the IRA or retirement plan and it is not a Roth IRA.)

I suppose they could “demand” anything weather people listen is an other matter. The proper way of distributing personal possessions is taking an inventory prior and then having every person that receives something sign a receipt for that item(s).

Wrong!!! The idea of giving an heir $1 or some other negligible amount “to stop or discourage a court case” is a bad idea —- because it makes that person, usually already an heir, a beneficiary under the Will. At least in Washington, an heir wanting to file a Will Contest has four months after the date of the Order Admitting Will to Probate to file a Will Contest else they are barred.Contest of probate or rejection-Limitation of action-Issues.Consequently, if the heir fails to timely file a Will Contest, they lose their position as a person “interested in the estate” and, among other things, entitled to notice of any court proceedings regarding the estate. Had that person been given $1 or anything else, they would remain an “interested person” and entitled to notice. Furthermore, the Personal Representative sooner or later is going to want to close the estate, and to do so, they will often need to file a Receipt signed by anybody entitled to any distribution from the estate. Just how motivated will the recipient of $1 be to sign such a Receipt —- NOT AT ALL —- causing the Personal Representative grief and delaying the estate’s closing.Yes, I have read a ton of Wills saying something to the effect of “My son John or my daughter Mary has caused me nothing but grief during my life, so I disinherit them and give them the sum of one dollar.” Stupid, stupid, stupid. They should simply say, “I disinherit my son John (or my daughter Mary)” and leave it at that. The same argument applies to anyone saying something to the effect of “If anyone contests my Will, I disinherit them and instead give them the sum of one dollar.” If you want to disinherit someone, expressly disinherit them and leave it at that. No need to explain and, for goodness sake, don’t give them anything at all.Richard Wills, retired probate attorney originally licensed in CA & WA