From the time of death to the end of a fiduciary relationship, IRS Form 56 must be filed to notify the IRS of changes and to list a fiduciary as the responsible party for a decedent’s estate. This form outlines the responsibilities of fiduciaries, describes the definition of ‘person’ and ‘decedent’s estate’, and sets out clear instructions for who needs to file, and how to go about doing it.
What is Form 56?
IRS Form 56 provides instructions and an overview of filing requirements for establishing a fiduciary relationship with the IRS. It is most commonly used by guardians, trustees, administrators, and other individual responsible for a decedent’s estate to file at the beginning and end of a fiduciary relationship. It also needs to be filed any time the relationship changes. Filing Form 56 notifies federal agencies and creditors to send mail regarding the estate to the fiduciary and establishes them as responsible for managing the accounts of the estate. Further necessary information, including definitions of “fiduciary,” “person,” and “decedent’s estate,” as well as instructions on filing Form 56, can all be found on the IRS website.
IRS Form 56 – Who Needs to Fill It Out?
IRS Form 56 is to be completed and filed with the IRS at the beginning and end of a trust relationship between two parties-one person is responsible for the assets of another. This form is also required whenever a trustee relationship changes, to inform federal agencies and creditors to send mail related to the estate to the fiduciary. It is the fiduciary’s responsibility to file Form 56 in a timely manner, providing information about the decedent’s Social Security Number/Individual Tax Identification Number, address, date of death, and date of appointment. Additionally, the form must list various roles that the fiduciary will be taking on, paperwork that must be included, and a signature with a title. Filing Form 56 can be confusing, so those unsure should seek out the help of a tax professional.
Step-by-Step: Form 56 Instructions For Filling Out the Document
Filing IRS Form 56 is a required step in establishing a fiduciary relationship between two parties. In order to complete this form, one must have various documents and pieces of information prepared, such as the decedent’s Social Security Number, the date and time of the decedent’s death, the original form 1040, any applicable Form 706s, and court-assigned dates under bankruptcy. Form 56 also must list the title of the trustee or fiduciary, which can include roles such as trustee, guardian, assignee, or receiver. Form 56 instructions and the form itself are readily available on the IRS website, or a tax professional can be contacted to provide advice and assistance with filing. Be sure to correctly and accurately provide all necessary documentation and information before filing with or mailing Form 56 to the IRS.
Below, we present a table that will help you understand how to fill out Form 56.
| Information Required for IRS Form 56 | Details |
|---|---|
| Decedent’s Social Security Number | Unique identification number of the decedent |
| Date and Time of Decedent’s Death | Date and time when the decedent passed away |
| Original Form 1040 | Copy of the original Form 1040 filed by the decedent |
| Applicable Form 706s | Any relevant Form 706s related to the estate |
| Court-Assigned Dates under Bankruptcy | Dates assigned by the court in case of bankruptcy |
| Title of the Trustee or Fiduciary | Title of the person serving as trustee, guardian, assignee, or receiver |
Do You Need to File Form 56 Each Year?
Do You Need to File Form 56 Each Year? IRS Form 56 is filed with the IRS at the beginning and end of a fiduciary relationship, and whenever a fiduciary relationship changes. It is required of guardians, trustees, administrators, or another person responsible for a decedent’s estate, and of bankruptcy trustees, assignees, and receivers. Form 56 instructions can be found on the IRS website, with supporting documentation mailed directly to the IRS office in your state. Professional tax help is available to guide you through this filing process.
Download the official IRS Form 56 PDF
On the official IRS website, you will find a link to download IRS Form 56: Instructions & Overview. However, to make it easier for you, we are providing the link in our article, which comes directly from the official irs.gov website! Click to download: Form 56
Sources:
https://www.irs.gov/forms-pubs/about-form-56
https://www.irs.gov/instructions/i56
