Question

Green card holder receives bequest from Fathers Uk will

Forum|Forum|2 years ago
February 6, 2024
1 reply
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Hello form 3520 uses the word Trust in its boxes a lot which is confusing. For a bequest to a Us Person from a fathers Uk estate :

In reporting on part 4 of the form 3520 Is The Will of the deceased 'The Trust ' ? and is the Trustee "the executor " ? also If funds were liquidated by the Estate and all that was received was cash ...is it ok to just report the cash or must those items liquidated be itemized...thanks

DaveF1006

In general, a trust is a relationship in which one person holds title to property, subject to an obligation to keep or use the property for the benefit of another. The will in itself is not a trust but the executor is as defined by this definition.

You report any property you received from the estate, whether it is tangible or intangible property. In this case, you received cash so this all you would report. The IRS has no interest what property was liquidated in the estate prior to you receiving the cash.

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F

Fletch59Author

Thank you so much for that ! David So the Executor s name would go down as the name of the Trust on that part of the 3520 that asks for it ? David the executor is also the main beneficiary in the will and he lives state side so he appointed an attorney in the UK to deal with probate and the dispersal of the estate Hey i wont hold you to anything lol..but would a 3520 a form also need to be filed by its due date by the executor / the Trust or the appointed attorney ?

P

pk12_2

Employee

@Fletch59 , while generally agreeing with my colleague @DaveF1006 's response, I still am at a loss as to the actual situation. The answer so far is general and I would feel a lot better if you provided us some details to make sure that you are receiving an answer that is more tailored to your situation. Our aim is to provide you help sop you file a correct and compliant return. For example I would like to know:

(a) decedent -- US person or UK person ( citizen/resident); property bequeathed was located in UK; are you the full beneficiary ; how was the decedent's wishes recorded --- will/ last testament directed distribution etc. etc.

(b) you the beneficiary a US person

(c) was there a valuation of the assets just post demise of the decedent; is that the valuation at which you sold the props/assets ; are you both the beneficiary and the executor

(d) what was the total cash received by you ( in US$)

(e) Probate was in the UK, who paid for the proceedings / taxes etc. to UK; also what about UK estate taxes

Please provide these answers and anything else that you have so one of us can look at the true picture .

I will circle back once I hear from you

pk