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Jim:I am asked many times per year by clients what they need to do when they are the executor of an estate. Capacity: The testator must be of sound mind. She is the Co-Author and Co-Editor of the Montgomery Elder Law Handbook and Guide to Legal Issues for Pennsylvania Senior Citizens. It is important to remember that the personal representative acts in a fiduciary capacity caring for matters that financially impact others, and those responsibilities must be taken seriously. Executor of estate responsibilities pa. A frequently asked question for clients preparing Wills is, what are the duties of my PA Executor? Filing The Rev-1500 (Pennsylvania Inheritance Tax Return).
A Pennsylvania last will and testament may be changed whenever the testator wants to do so through a codicil, an amendment to the will that must follow the execution procedures of wills. Inheritance tax is not income tax. Spouses, for instance, are "taxed" at 0%, meaning that, in most cases, probate is not necessary especially where assets are jointly titled and the spouse is the beneficiary of remaining assets such as IRA's. Pennsylvania Estate and Probate Law FAQS | -Estate Attorneys. The letters testamentary and Pennsylvania law describe the legal actions available to the executor of an estate.
Read More: Does the Executor Have Authority Over the Will? It is important that anyone wishing to create a will speak to an estate lawyer in Pennsylvania that can help. Send a Proof of Mailing. For these reasons, it is strongly advised for the Personal Representative to hire an estate attorney for guidance and help throughout the probate and estate administration process. Petitioning to remove an executor in Pennsylvania. For someone who has never probated an estate the duties may seem endless and confusing. Manage the deceased's property. However, In Pennsylvania, unless you have a valid post or prenuptial agreement, your spouse will have a right to a portion of your estate even if you have intentionally excluded them from your will.
Prepare an informal accounting of all of the financial activity of the estate. Determine whether the beneficiaries want distribution in cash or in-kind. In Pennsylvania, you must be at least 18 years of age and sound mind to make a will. The notice to creditor requirement provides certain parties with an opportunity to state a claim to estate assets in satisfaction of a debt that is owed. Though these documents may be safe from fire and theft in a safe deposit box, your personal representative may have a difficult time accessing these documents when they are needed. Notify creditors and pay debts. IRA, Pension, or other retirement plans statements. Every client deserves to be heard and understood. Duties of executor of wills. Although a last will and testament are not legally required, without a will, state laws (called laws of intestacy) determine the distribution of an estate's assets. Generally, the Will must have been created and signed by the decedent if the decedent was at least 18 years of age and of sound mind when he or she created the Will. If an executor, for any other reason, jeopardizes the estate.
Initially, one must determine whether the decedent died with a Will (testate) or without a Will (intestate). Determine if there are any charitable bequests. For more details, read our Article on Executor Fees in Pennsylvania. You will also need to get a copy of the death certificate.
Her work has appeared in "Chicken Soup for the Soul, " "Texas Health Law Reporter" and the "State Bar of Texas Health Law Section Report. " Signature by mark by the testator - the testator may use a mark that has the name of the testator written before or after it if he makes such mark in the presence of two witnesses who sign their names to the will in her presence. Two witnesses must validate the decedent's signature. How To Close or Settle An Estate in PA. Charitable Bequests.
If you die without a Will, you are "Intestate" and your assets pass by rules set up by the Commonwealth. The Orphan's Court will then determine if the Estate can be distributed pursuant to the Statement of Proposed Distribution or if there is an issue with the Formal Account that must be resolved. In this role comes the significant responsibility of managing the decedent's estate fairly and ethically. If the decedent did not leave a will, then the estate is distributed based on Pennsylvania's laws of intestate succession which provides that intestate estates go to the decedent's next of kin. The Executor pays the debts of the estate, including any money owed to the creditors who file a claim against the estate. A will should be changed when those relationships, including by divorce and death, change. All states have certain rules pertaining to who can be named an executor, and Pennsylvania is no different. Five Common Mistakes By The Personal Representative. The executor has to gather information about estate assets including bonds, stocks, bank accounts, vehicle titles, real estate documents and other items that indicate proof of ownership.
You may be required to sell property in order to fulfill legacies in a will. The primary duties one can expect to handle as an executor include: - Submission of the will to the county's Register of Wills. Our experienced Probate teams can make arrangements for you to be sworn in as executor outside of Pennsylvania. This most often occurs when the decedent spouse owned an account or other property titled only in his or her name or a refund check is made payable to the deceased spouse or the deceased spouse's estate. Any other evidence of assets the decedent owned not otherwise noted above. Certain assets are exempt from the probate process.
The personal representative must identify estate assets, take control of them, and secure them. Notify Social Security of the decedent's death and return any Social. The assets of the estate are distributed to the heirs and probate is closed. Michelle:After meeting with your attorney, if probate is needed, the Executor and attorney go to the Register of Wills Office after the attorney prepares a Petition for Probate that should be done in advance, and in some counties, must be filed electronically and reviewed and approved by the Register of Wills in advance of probate.