How To Close or Settle An Estate in PA

When a loved one passes away, settling their estate often falls to the surviving family members. This can be a challenging and overwhelming process, especially during what is already a time of grief and loss. It’s a period filled with emotional turmoil, and the added responsibility of dealing with legal and financial matters can add an extra layer of stress. At Petrelli Previtera, LLC, we understand the difficulties associated with this time. Our goal is to bring clarity to settling an estate in Pennsylvania, providing guidance and support to help navigate this chaotic terrain more effectively.

Settling an estate in PA

The process of settling an estate in Pennsylvania typically involves the following steps:

1. Finding The Decedent’s Will
2. Arrange for Funeral And Burial
3. Filing a petition for probate with the county court.
4. Probating A Will In PA – Register Of Wills
5. Appointment of an executor or administrator to oversee the estate.
6. Inventorying and appraising assets, and paying off any outstanding debts or taxes.
7. Distributing assets according to the terms of a will or state laws if there is no will.
8. Filing a final account with the court and obtaining approval to distribute remaining assets to beneficiaries.
9. Closing the estate and finalizing all legal matters.

Overall, settling an estate in PA can take anywhere from several months to a year or more, depending on the complexity of the estate. Hiring a lawyer can streamline this process and ensure legal requirements are met.

Ready to discuss your estate planning needs? Please contact Petrelli Previtera at 215-645-4297

Finding The Decedent’s Will

The decedent’s surviving family members (or personal representatives named in the will ) will need to both locate and present the original Last Will and Testament. In this difficult time, it’s important to search for the Will in the decedent’s home first. Estate planning attorneys usually advise clients when creating a will or testament to keep the Will in a safe and secure location, such as a desk drawer or filing cabinet in a home office. Some may choose to store it in a safe or a fire-proof box. Another option is to contact the decedent’s bank, which might have a safe deposit box where the Will is kept. You can also contact the decedent’s attorney, who may have an original Will or a copy at their office.

Arrange for Funeral And Burial

Whenever possible, it is recommended for the Personal Representative designated in the Will to handle the funeral and burial arrangements as outlined in the document. However, in many cases, the Will does not specify the testator’s preferences for these services, or it may be discovered after the funeral has already taken place. In such situations, it is common for the Estate to cover the expenses associated with the funeral and burial. If a family member has already paid for these services, the Estate typically reimburses them accordingly.

Filing a petition for probate with the county court.

Filing a petition for probate with the county court is an essential step in the probate process. In this stage, the Personal Representative or Executor named in the Will presents the original Will and Death Certificate to the county Register of Wills office where the decedent resided. The court will confirm the Will’s authenticity, accept it for probate, and formally appoint the Personal Representative or Executor. This individual is then granted “Letters Testamentary” which gives them the legal authority to administer the estate according to the Will’s instructions and the state’s laws.

Probating a Will in PA – Register of Wills

After filing a petition for probate, the Register of Wills in Pennsylvania plays a crucial role as the clerk of the Orphans’ Court. They are responsible for probate matters and can grant Letters Testamentary to Executors. This office ensures that the Executor performs their duties correctly and within Pennsylvania law, providing guidance and handling any disputes arising during the probate process.

Following funeral and burial services, the Personal Representative named in the Will typically initiates the estate administration process. The first step is to probate the Will by bringing the original Will, death certificate, and a petition for Letters Testamentary to the Register of Wills office in the county of the decedent’s last residence. At the Register of Wills office, the documents are reviewed, information is entered into the filing system, and Letters Testamentary are issued.

The Register will grant Letters Testamentary if the Will is valid, a fee is paid, and all other requirements are met. Generally, the Will must have been created and signed by the decedent when they were at least 18 years old and of sound mind. Two witnesses must validate the decedent’s signature. This can be done when the Will was created by having two witnesses sign with the testator in front of a notary (self-proved Will), or witnesses can attest after the decedent’s death.

Pennsylvania Register Of Wills By County

Bucks County Register of Wills

Chester County Register of Wills

Delaware County Register of Wills

Montgomery County Register of Wills

Philadelphia County Register of Wills

Appointment of an executor or administrator to oversee the estate.

Once the Letters Testamentary are granted, the executor or administrator is then officially appointed to oversee the estate. This appointment gives them legal standing to act on behalf of the estate, enabling them to handle the decedent’s finances, pay any outstanding debts, distribute the remaining assets according to the Will, and complete any other tasks necessary for closing the estate.

For instance, if the decedent owned real estate property, the executor would be responsible for managing or selling this property according to the Will’s provisions. They may also need to open an estate bank account for receiving and paying funds. In Pennsylvania, for example, the Fiduciary Duty Law obliges executors to act prudently and in the best interests of the estate and its beneficiaries. Failing to meet these obligations could result in legal repercussions.

Inventorying and appraising assets, and paying off any outstanding debts or taxes.

Another crucial role of the executor or administrator is to inventory and appraise all assets of the decedent’s estate. This includes both tangible assets, such as real estate, vehicles, and personal belongings, as well as intangible assets, like bank accounts, investments, and life insurance policies. These valuations are essential for determining the overall value of the estate and ensuring that all assets are accounted for and properly distributed.

In addition to valuing assets, the executor or administrator must pay off any outstanding debts or taxes owed by the decedent before distributing the remaining assets to beneficiaries. This includes funeral expenses, legal fees, and any outstanding income or estate taxes. Failure to do so could result in penalties and delays in closing the estate.

Distributing assets according to the terms of a will or state laws if there is no will.

Once all debts and taxes have been paid, the executor or administrator must distribute the remaining assets according to the Will’s instructions. This may involve transferring ownership of property, liquidating assets, or distributing funds to beneficiaries. The executor must also be prepared to handle any disputes between beneficiaries or challenges to the Will’s validity.

If there is no Will, state laws will dictate how assets are distributed among family members and other potential heirs. The executor must follow these laws carefully to ensure that assets are distributed fairly and legally.

Filing a final account with the court and obtaining approval for distribution of remaining assets to beneficiaries.

Once all asset valuations, debts, and distributions have been completed, the executor or administrator must file a final account with the court. This account outlines all transactions and expenses related to the estate and provides a final balance of remaining assets to be distributed to beneficiaries. The court will review this account and may require additional information or documentation before approving the distribution of assets. Once approved, the executor can begin distributing the remaining assets to beneficiaries.

Closing the estate and finalizing all legal matters.

After all assets have been distributed and any challenges or disputes have been resolved, the executor can begin closing the estate. This involves filing a final tax return for the deceased individual and obtaining a release of liability from creditors and beneficiaries, acknowledging that their share of the estate has been received. The executor must also obtain a court order discharging them from their duties as executor and officially closing the estate.

Related Resources: Estate Planning Basics and Procedures

Our website offers a wealth of resources on estate planning in Pennsylvania, aiming to guide you through the basics, the procedures, and the strategic considerations involved. The goal is to provide comprehensive information that aids in effective estate planning. We cover topics like why you need a probate attorney near Philadelphia, Setting Up and Leveraging Trusts, Understanding Estate Taxes, Closing/Settling an Estate, Avoiding Probate, First-Time Estate Planners Tips, andCharitable Giving in Estate Plans. Please note that this information is for general purposes only and not legal advice. Schedule an appointment with our team for personalized representation and support in achieving your estate planning goals.

Our Legal Team Can Help You Close an Estate in PA

Dealing with the probate process and closing an estate in Pennsylvania involves numerous complex steps. This includes navigating intestate succession laws, understanding exempt assets, and exploring methods to avoid probate. Working with a local attorney, while not a legal requirement, is strongly recommended due to the intricate procedures and documentation involved. It’s crucial to note that the information provided here is not legal advice; the specifics of your situation could alter the application of Pennsylvania law. Petrelli Previtera, LLC is a top choice for probate assistance in Pennsylvania. Serving clients across Bucks County, Chester County, Delaware County, Montgomery County, and Philadelphia County. Our team is fully prepared to provide thorough guidance throughout the probate process. To begin working with us, please give us a call at 866-465-5395 to schedule an appointment.