Closing An Estate: What It Is And Why It Matters

As Executor, you have opened the estate, collected all the assets, paid inheritance taxes and debts, and gotten approval on the inheritance tax return. What now? The last stop for an Estate provides a formal conclusion, confirms the executor’s work is complete, and ensures the estate is properly handled.

At Sikov and Love, P.A., we help families through this last phase of putting the estate administration to rest. Our attorneys, using our decades of combined experience, help executors choose the best path so they can finish their duties without unnecessary delays.

Key Procedures For Finalizing A Pennsylvania Estate

Pennsylvania law provides distinct paths for settling an estate. For estates that go through the full probate administration, there are two primary methods for formally closing the estate:

• Family Settlement Agreement: A private contract where all heirs approve the ultimate distribution of estate assets. It avoids court involvement, which reduces costs and keeps the process private.
• Formal accounting and audit: A formal report filed with the court detailing all estate transactions. This method is used when there are disputes, distribution to a guardian for an incapacitated person or a minor, outstanding legal questions, or complex assets that require a judge’s review and approval.

Talk With A Pittsburgh Lawyer About Closing An Estate

Our attorneys at Sikov and Love, P.A., assist you when you need it through the close of your loved one’s estate. Call 412-567-1236 or reach out online to speak with us about the best approach for your situation. We offer videoconferencing and can meet clients around the Pittsburgh area when needed.