Establish an estate bank account. Each of these legal documents, once executed, must be kept in a secure place that is accessible to the principal’s representatives and other trusted individuals to ensure that it is on hand when the time comes. This process is called Estate Administration. Before being appointed to serve as a personal representative or executor, the first step in probating an estate is to locate all of the decedent's estate planning documents and other important papers.. It is recommended to consult a professional attorney before executing any of these legal instruments. stream A health care agent is an individual who will be given the authority to make decisions regarding medical treatment if the principal becomes incapacitated. S ESTATE ESTATE OF, DECEASED PREPARER: ATTORNEY/ACCOUNTANT TELEPHONE NUMBER O.C. The Personal Representative and the estate attorney will need to locate and produce documentation that will be needed for the estate inventory, inheritance tax return, and the estate Account. Here is a checklist to help executors through the estate administration process. To make a Living Trust, the principal (called the settlor) will need to transfer the ownership of their property to a separate entity (the Trust). Contact Gregory J. Spadea in Ridley Park, PA at 610-521-0604 if you need help probating an estate or have any questions about your duty as an executor. Beneficiaries are the individuals who the principal names as the inheritors of their estate. Notice to the Attorney General whenever proceeding affecting or involving a charitable interest in the Orphan's Court. Revocable Living Trust – A Trust is often chosen as an alternative to a Will because the estate of a Trust does not need to pass through probate court before being distributed. Handle day-to-day details, such as terminating leases and other outstanding contracts, and notifying banks and government agencies -- for example, the Social Security Administration, the post office, Medicare, and the Department of Veterans Affairs -- of the death. Health Care Power of Attorney – This form is used to appoint a health care agent for the principal. Life insurance is exempt. <> It’s a list that spouses and descendants of a decedent have a hard time reviewing, as they’re struggling with the loss of a loved one and need time to grieve. Court administration proceedings establish who inherits the estate based on the … Executing legal documents that deal with an individual’s eventual death and the possibility of a medical emergency is often a laborious process. Resources Personal Inventory Special Needs Trust Guide Probate & Estate Administration Guide VISIT OUR RESOURCE CENTER There are two (2) ways to close a Pennsylvania estate. Estate administration is typically conducted more effectively and efficiently with the assistance of legal counsel. Rule 10.5 Eff 09 01 16 RW 09 - Inventory Eff 9 1 16 We also have a choice over how that legacy will be passed on. An estate might not have an executor for various reasons. Create a high quality document online now! This page is designed to help our clients gather appropriate information in order to prepare for a conference with one of the attorneys in the firm about probate proceedings and the administration of an estate. When an individual is considering their options for how to handle their affairs as they approach the end of their life, it will be worthwhile for them to appoint a health care agent. %PDF-1.5 The below guide briefly describes some of the steps and forms that can be followed to get started on planning for the future. I. Getting A Will is an important start to any good estate plan. The individual named as executor in the will typically takes care of this task.. 11.4.1 Benefits of estate planning; 11.4.2 If you don't plan; 11.4.3 The main methods of estate planning; 11.4.4 Complex estates; 11.4.5 When you can't act for yourself; 11.4.6 Estate planning case studies; 11.4.7 Estate planning checklist; 11.4.8 Summary of key messages 1 0 obj Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. <>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 9 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Within Nine Months of Death. When an individual is considering their options for how to handle their affairs as they approach the end of their life, it will be worthwhile for them to appoint a health care agent. Open an estate bank account to hold money that is owed to the deceased, such as real estate rental checks and stock dividends. Determine whether the estate qualifies for "special use valuation" under the tax laws (IRC §2032A), the qualified family-owned business interest deduction (IRC §2057), or deferral of estate taxes (IRC §§ 6161 or 6166). If we choose to do nothing, we are choosing to allow the State to administer our estate and to determine who receives our legacy. Notify the Social Security Administration of the death. The Basic Procedure for Opening an Estate The death of a loved one is always a difficult time for family and friends. '�iܢXo6�[��:Js��9�8$EJ�m��V���Ù��������f����f�a��8_���~������n�zsyu�����'ON�����3Z��c����#ZT�-$#���v������QU\��Wov%�V��^�R� In a series of cases, culminating in Wallis Estate, 421 Pa. 104, 218 A.2d 732 (1966), the Pennsylvania Supreme Court approved a general rule that an executor's fees of 3% of the estate under administration was "prima facie fair and reasonable." This article and video explain the best practices for Pennsylvania residents who want to get a will and related estate planning documents Estate Recovery Program P.O. While they are still alive, the settlor can maintain control of their property as Trustee and when they die, their estate will be distributed as instructed in the Trust document. x��[[oܶ~7����U�pŋ$ Receipt of Letter from PA Department of Public Welfare _____ 9. 2 0 obj The Health Care Power of Attorney and Durable Power of Attorney serve the latter purpose, while the Last Will and Testament or Living Trust are used to plan the administration of an individual’s estate. When someone passes away, everything that person owned becomes his or her estate. A copy of a Will can only be probated after a meeting with the Register of Wills. By appointing a health care agent, individuals can rest assured knowi… © 2020 Electronic Forms LLC. %���� Copies of these signed forms can also be distributed to concerned individuals, such as family members, representatives, trustees, and beneficiaries for safe-keeping. Durable Power of Attorney – The principal can appoint their financial agent using the Durable Power of Attorney form on which they may specify the scope of the agent’s powers. In accordance with § 5601.1 and §5.604, all powers of attorney in the State are considered “durable” unless the principal explicitly states the opposite on their Power of Attorney form. The more clear the principal is regarding who they will be including and excluding from their Will or Trust, the less potential there will be for disagreements and dispute amongst inheritors. Administration includes procedures and requirements relating to collecting of assets, satisfying of obligations such as debts, expenses and taxes, and distributing property to the heirs and beneficiaries. It can be an intimidating role, with many details to manage. INSTRUCTIONS FOR PROBATING OR OPENING AN ESTATE PRESENTING A WILL (Letters Testamentary or Letters of Administration C.T.A.) Requirements are established by state and federal laws, which must be followed. Free consultations with our PA Estate Attorneys; 215-790-1095. <> Please be aware that our agents are not licensed attorneys and cannot address legal questions. However, the Supreme Court … It is also recommended to have a notary public sign as well. A health care agent is an individual who will be given the authority to make decisions regarding medical treatment if the principal becomes incapacitated. For the principal to ensure that their assets are distributed to their beneficiaries when they die, they must execute an estate transfer document that is the legally recognized in the state. Estate Administration Checklist As an executor or administrator, administrating an estate can be a complicated affair. However, it remains important to properly prepare for such eventualities, not only for the best interests of the implicated individual but for their family and loved ones who will be directly affected by their passing or incapacitation. 1. Yet at least one extended relative balked at her taking the fee specified in the will — 2 percent of the estate's value. Pennsylvania inheritance tax is at 4.5 percent on property passing to children of the decedent. For example, the deceased may not have left a will, a court found the will invalid, or the will failed to name an executor. <>>> Whether due to a coma or dementia, any individual at some point may be incapable of making decisions for themselves. Notify banks of the death and change information for any jointly held accounts. Prepare and file federal estate tax return (if needed). I. endobj It can only be used 60 days after a decedent has passed away and it may only be used by the first successor, whether it be a spouse, or a child, if there is not spouse, or a parent. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. Obtain and review last wills and testaments as well as codicils. In the document, the principal will be able to express their wishes regarding health care treatments and other medical decisions. Without it the state's intestate laws determine where your assets go. Estimate cash needed to pay debts and taxes, and plan for any sales of assets needed to distribute estate. The Will must be an original. Ciaran Griffin / Getty Images. After the principal dies, the ownership of their property will be transferred to these beneficiaries according to the principal’s specifications. Our support agents are standing by to assist you. If an estate is subject to federal estate tax, it may also be subject to Pennsylvania estate tax. Estate administration is an orderly process that is designed to insure that the will of the decedent is carried out and the interest of all parties to the process are protected. Get started Ask an Estate Planning Lawyer a Question You'll hear back in one business day. By making a Current Assets List, the principal ensures that none of their property and accounts are left out of their Will or Trust. Please call us for a free no obligation initial chat on 0800 3 10 11 12 Gather information. Ideally, important legal instruments should be kept in a fire and water-proof safe. ��*P���.����~7ϻ���㣧�[���ej ��۹R��q%��Ӑ�)����T�����Mq�)4�oG���cSIZ6��:#��?��)����W��/��8-��k�����O��C��N��v�!���i���ے6�3}��d�\�������D�(��yɺ�K� ���}���W%�F4����=�_��d���\�Z^05t��B���7�[��� ��&F��kӨc���*�Ds�J�Nᜣ��萵6�VRUNu�=_='��";R�Y-���RN'k����Y��������%��%p��Ը. Kentucky Executor Checklist. NOTICE OF ESTATE ADMINISTRATION PURSUANT TO Pa. O.C. “Administering an Estate in Pennsylvania: The Basics “ Lesley M. Mehalick, J.D., LL.M. Opening the estate can be as simple as taking the will to the probate court clerk and filing it. In general terms, the process of administering a decedent’s estate involves collecting all assets, locating all creditors, paying all debts, paying all applicable taxes, and then distributing the remaining… When an individual wishes to start planning for the distribution of their estate after they die, they will need to begin by making a list of their current assets and property. The Pennsylvania estate planning checklist contains information and links to forms that can be used to make preparations for the distribution of an individual’s property after death, as well as their possible physical or mental incapacity. �NҦm. Box 8486 - Willow Oak Building Harrisburg, PA 17105-8486 _____ 8. There is a five-percent discount on inheritance tax for any payments made within three months after death, which reduces the effective rate on gifts to 4.275 percent. Joint accounts that were made joint more than one year before death are taxed at one-half of value. LEARN MORE ESTATE SETTLEMENT Through our Estate Settlement service our team can assist you in administering your trust or the trust of a loved one who is experiencing a period of disability. If you’re named the executor (also called a personal representative), take a look at this checklist for executing a … The Pennsylvania small estate affidavit is for use when a decedent has died with $50,000 or less value in personal property assets excluding real estate. The “Estate Administration Checklist” sets forth the steps that need to be taken to ensure that an estate is administered in a professional and efficient manner. endobj Prepare and file Pennsylvania inheritance tax return. Any funds set aside, which should be minimal at this point, should be kept in a non-interest bearing account to avoid having to recalculate the estate income tax for very small earnings or file another year’s return to satisfy the IRS. Most of us have an estate, a legacy we leave to our families. At Seatons, we aim to make this process as smooth as possible to ensure the administration gets carried out lawfully and effectively. All rights reserved. If the Will is not self-proving, witness Andrine Redsteer's writing on tribal gaming has been published in "The Guardian" and she continues to write about reservation economic development. These documents include, but are not limited to … The executor is responsible for closing out the deceased’s estate and carrying out the will. Chapter 54 – Health Care (Subsections C and D). IRA accounts, annuities and “in trust for” accounts, if any, are fully taxable. 7. 4 0 obj The principal may also appoint an alternative health care agent in case the first agent is unavailable when the time comes for them to assume their role. By appointing a health care agent, individuals can rest assured knowing that their best interests will be taken into account. ) options that are most commonly used to plan the administration of an individual ’ s can! Intestate Heirs ; Writer Bio second job incapable of making decisions for themselves to children of the and... 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