Paying the decedent’s taxes and debts from the estate funds are part of the probate process in Pennsylvania. As noted by SmartAsset, certain heirs may incur an inheritance tax as a result of inheriting assets. Surviving spouses, however, have a “0” inheritance tax...
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What are the personal representative’s duties involving inventory?
When someone names you as their personal representative, you will have many duties you must carry out when that person dies. You become responsible for the estate, and you must make sure you are completely transparent in all actions you take involving the state. To...
Are you prepared to administer your parent’s estate?
If your parents appointed you the executor of their Pennsylvania estate, you have likely been talking with them about their wishes. While you may understand who should receive what property, do you know what steps to take once they pass away? According to Kiplinger,...
How can a letter of instruction help my estate plans?
Some people compose a will but do not provide crucial information to carry the document out. For instance, you might specify in your will that your online accounts should go to your daughter but you have not disclosed the account passwords. If you write a letter of...
What makes serving as an Executor so hard?
Family members often see serving as the Executor as a position of honor. You may have also shared this view. However, once the work gets started, things can become complicated very quickly. The simplest mistake may not only cost you the ire of family members but also...
What are some mistakes executors make?
As an executor of a decedent’s estate, you have professional duties under the law that you must uphold to avoid legal issues. Forbes explains that many people do not understand the duties of an executor, which can lead to mistakes. You have personal liability for the...
What should I consider when choosing an executor for my estate?
The executor of your estate has an important job after your death. He or she will manage and disburse the estate under the guidance of the probate court. However, despite the court’s involvement, the executor has a lot of power. The court will generally leave...
Your estate may pay your debts after you pass away
Ideally, people enter retirement with most or all of their debts paid off. This allows older Pennsylvania residents to make the most of their smaller retirement income without worrying about what may happen to those debts after they die. However, this ideal scenario...
Why use an irrevocable trust?
Whether you are in the process of organizing your estate and making plans as to what will happen with your property once you pass, or you are dealing with the aftermath of a friend or family member's passing, you may be faced with some difficult issues. One of the...
Factors to consider when selecting an executor
When people in Pennsylvania begin to consider making or updating a will, they may focus initially on how they want their assets distributed after they die. Certainly, this is an important thing to address with a will. However, it is equally important to give clear...
