Losing a loved one is an exceedingly difficult event to cope with on several levels. Whether or not your loved one left a will with instructions on what to do upon his or her passing, his or her estate will probably need to go through the probate process.
The probate process is streamlined in Pennsylvania. Probate functions similarly in Bucks County, Montgomery County, Chester County, Delaware County and Philadelphia County.
The steps below are a starting point. Each estate administration varies in terms of complexity, and other steps may be necessary depending on the facts.
1. Find the Will and Any Amendments
Find and secure the will, any amendments to the will, and any previous wills. Do not remove, add, or alter any page.
2. Contact an Attorney
If you want legal help, call an estate administration attorney to help you begin the probate process. You may want to meet with more than one attorney to find someone you're comfortable working with.
3. Gather Documentation
In addition to the original will, any will amendments or codicils, and any previous wills, gather income tax returns for the last five years, any statements from bank accounts, retirement accounts, and other investment accounts. Gather any bills or notes due. Make a list of valuables, including real estate and personal property, both located in Pennsylvania and any other state.
4. Determine Which Assets Must Be Probated
Next, you must determine which assets need to be probated. Jointly held assets, assets in trust, and any asset with a beneficiary form (such as an IRA) do not go through the probate process, and are automatically distributed. The attorney should be able to estimate the size of the probate estate, the attorney’s fee, the possible Pennsylvania inheritance tax due, and possible federal estate tax due.
5. Assume the Post of Executor
To begin probate of the estate, the executor listed in the will goes with the attorney to the Register of Wills office in the county where the will originated. The executor presents the original will and death certificate, the executor is assigned after taking an oath, and the county fees to probate the estate are paid. The amount of the fee depends on the size of the estate and how many certificates are issued.
6. Advertise Estate for Creditor Claims
The estate is advertised for several weeks in two local newspapers, so that any creditors can make claims on the estate. Notices are also sent to all possible beneficiaries of the estate.
7. Pay Estimated Inheritance Tax
Within three months, the estate should pay at least an estimate of the Pennsylvania inheritance tax to get a 5% discount. The full tax is due nine months after passing. Also, if federal estate tax due, that is also due nine months after the date of death.
8. Distribute Assets and Close Estate
The assets will be divided or liquidated by the executor, bills will be paid from the estate account, and the estate will be closed.
From the author: Philadelphia, PA Estate Planning Attorney