Settling an estate involves beginning the Probate process after a loved one has passed away. If your loved one has a Will, then the person they named as the Executor will handle their estate. If there’s no Will in place, the intestacy laws of the Commonwealth of Pennsylvania will dictate who may be appointed as the Personal Representative for the Estate.
Pennsylvania has specific laws regarding the Probate process. This article will explain a brief summary of how to settle an estate in PA and the work involved in that process.
The legal term for settling an estate in PA is called Probate. However, not every estate must go through Probate. There is a simple option available for any estate valued at less than $50,000. Unfortunately, most estates have a higher value and will need to go through a formal and lengthy process.
The primary purpose of Probate is to pay any debts and taxes the deceased owes and to transfer the assets to beneficiaries. Here’s the formal, court-proceeding process for Probating an estate.
You’ll need to complete the petition for Probate, which includes filing the Estate Information Sheet and submitting the person’s Will (if there is one) to your local Probate court. Make note that there’s an additional cost you’ll need to pay to complete the forms.
Upon receiving the Petition for Probate, the Register of Wills will review the Will to determine who is to be appointed. If the Will was drafted, witnessed and notarized correctly, the clerk will appoint the Executor. Then, the Executor will receive Letters of Testamentary (Letters of Administration if the person is court-appointed) indicating they are the only individual with authority to manage the decedent’s affairs.
The Executor is responsible for gathering, inventorying, and assessing the total value of all assets. Certain items are exempt from Probate, including joint accounts, homes or real estate holdings with joint tenacity, and accounts that already include a chosen beneficiary.
If you work with a Probate attorney they can review all assets to determine which ones are exempt.
You’ll need to notify all heirs and beneficiaries listed in the Will, the deceased’s spouse and children, and charitable beneficiaries (with exemptions). Additionally, the attorney will legally advertise in the local paper and the Legal Journal for the County that an Estate has been raised, “Notice of Administration,” to all creditors to file their claim against the Estate.
For more detailed information about Estate Notices, read our article on Allegheny County Estate Notices.
Once all outstanding taxes and debts are paid, the Executor prepares a final accounting statement showing how the assets and property were managed and includes a distribution plan for the remaining items.
The Executor has two options to settle the estate.
#1 Informal Option – Estate Family Settlement Agreements
The Will’s beneficiaries sign this agreement and acknowledge that the Executor successfully completed their estate duties. This option removes the need to attend the formal proceeding with the court (saving time and money).
#2 Formal Option – Court Proceeding
The Executor will need to file an Accounting and Petition for Distribution with the Orphans’ Court to officially close the estate. They will show the final accounting statement and distribution plan at the hearing. This gives all the beneficiaries an option to address their objections with the judge, at that time.
Once the Executor files a Petition for Adjudication (or the Estate Family Settlement Agree is signed), they can distribute the remaining assets to the beneficiaries.
After reading the above information, you now understand how Probate in PA can become a lengthy and costly process. If you want to make settling your estate easier on loved ones, then consider creating an estate plan.
Your plan can include:
The more you plan, the simpler the process will be for your Will’s Executor and loved ones. Learn more about our Pennsylvania estate planning services.
Whether you need assistance in settling an estate (with or with a Will), we’re here to help you. Our team is familiar with the Wills and Orphans Courts in Allegheny County and the surrounding counties. Contact us online or by phone at (412) 754-7312 to schedule a free consultation regarding your current circumstance.
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