Probate and estate administration are segments of the law in which a lack of knowledge can lead individuals to become overwhelmed, particularly with the loss of a loved one. The probate process is a legal necessity that ensures the assets of a deceased person, which he or she may have owned or had a controlling interest in at the time of death, are distributed correctly, all debts are paid, and any tax obligations are satisfied, it becomes extremely important for executors, administrators, and beneficiaries.
At Antanavage Farbiarz Attorneys at Law, we practice diligently to guide our clients through the probate and estate administration process in Pennsylvania. Our experienced attorneys will assist and advise in all respects so that the estate matters are resolved as smoothly and expeditiously as possible.
Initial Steps of Probate and Estate Administration
The probate process in Pennsylvania, also the administration of estates, is initiated by filing the last will of a decedent, if one exists, with the Register of Wills within the county where the decedent had his or her residence. It consists of the commencement of the legal process in which the estate is settled and lays a foundation for its administration.
If there is no will, the Court would appoint an administrator to handle the estate in accordance with the Intestacy Laws of Pennsylvania. In any event, the personal representative either the executor if a will exists or the administrator if not, must go before the Court to be granted Letters Testamentary or Letters of Administration. These letters give legal authority to the personal representative to act on behalf of the estate.
1. Inventory and Appraisal of Assets
Once appointed, the personal representative has to prepare an inventory of the estate of the deceased. This is quite a vital part of the process where one has to identify and valuate every piece of property that the deceased was in possession of at the time of death. The property could be real, personal, or intangible-like bank accounts, investment paper among other forms of property of value.
According to the level of complexity, professional appraisals will be necessary for some assets to determine fair market value. This detailed inventory then forms the basis of the whole process of probate and administration of estates to ensure asset distributions are clearly and accurately made.
2. Notice to Creditors and Payment of Debts
Another thing to be considered that is related to the probate and administration of estates in Pennsylvania is when the financial obligations of the deceased are taken care of. The personal representative has to issue a notice to known creditors of the death and, by publication in local newspapers, to potential unknown creditors.
Creditors are typically required to file claims against the estate within a year of the date of death. The personal representative then must review and settle valid debts with assets belonging to the estate. This is another important step in probate and estate administration since all legitimate debts come first before the assets are distributed to the beneficiaries.
3. Tax Obligations and Filings
One of the key aspects of probate and estate administration involves addressing the tax implications. In regard to this, the personal representative needs to file the decedent’s final income tax return, coupled with estate tax returns when needed. Pennsylvania does impose an inheritance tax on most assets passing into the hands of beneficiaries, at rates determined by relationship to the decedent.
Understanding and fulfilling these taxation needs is necessary to prevent any incidence of possible legal complications, and to fulfill all responsibilities imposed on individuals by state and federal laws. Our lawyers in the firm Antanavage Farbiarz Attorneys at Law can assist you in addressing all the issues related to taxes during the course of the probate and estate administration.
4. Distribution of Assets to Beneficiaries
This is the last procedure in the probate and administration of estates after all the paying of debts, taxes, and administrative costs have been paid. Where there is a valid will, distribution of the assets shall be disposed of in accordance with the wishes of the deceased. In cases of intestacy, the Pennsylvania statute provides for such distribution among heirs.
The personal representative shall prepare the final accounting of all transactions and distributions regarding the probate and administration of the estate. Such accounting may have to be filed before the court and approved before the estate is formally closed.
Probate and Estate Administration Process: Various Challenges
While this process is structured to be relatively straightforward in Pennsylvania, complications sometimes arise. Such complications might come in the form of disputes amongst beneficiaries, contests over the will’s validity, or extensive asset structures that call for additional time and expertise.
At Antanavage Farbiarz Attorneys at Law, we have experience in complex probate and estate administration matters. Our attorneys are familiar with Pennsylvania probate law and can manage the process to minimize possible problems or complications.
Multifaceted, the entire process of probate and estate administration involves much detail, knowledge of specific state laws, and careful management. From filing initial documents to actual distribution, each step will play an important role in ensuring that the will of the deceased is put into consideration and the estate settled accordingly.
The probate and estate administration process can be emotionally as well as legally challenging. At Antanavage Farbiarz Attorneys at Law, we are responsive and compassionate, offering professional service to our clients throughout Pennsylvania. We can lead you, the executor, administrator, or beneficiary, confidently and securely through the probate and estate administration process.
By entrusting your needs regarding probate and estate administration to our experienced attorneys, you will be free to attend to honoring your loved one’s memory while we sort out all the legal complexities. To learn how our attentive lawyers can walk you through every step of the way in probate and estate administration throughout Pennsylvania, contact Antanavage Farbiarz Attorneys at Law today.
The compassionate team at Antanavage Farbiarz is here to help with all of your probate and estate administration needs. Reach out today to learn how our seasoned attorneys can assist you in your unique situation. Our family is here for your family – give us a call at (610) 562-2000 or click here to schedule a consultation.
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