According to the Pennsylvania Department of Revenue, inheritance tax could be as high as 15% depending on the beneficiary. The federal government also imposes estate tax. As of 2023, the IRS reports anyone with a net worth of $12.92 million or more will have to pay....
When an executor starts settling an estate, creditor settlement is an important part of the process. After notifying all known creditors of the individual’s passing, the executor might receive claims from some creditors for outstanding accounts. It is important to...
When someone passes away, their belongings, property and debts need to be properly handled and distributed. Known as "probate," this legal process plays a role in ensuring the fair distribution of a deceased person's assets. Filing the petition The first step in the...
Losing a loved one is a profound and challenging experience. Not only are you grappling with grief, but you also find yourself suddenly thrust into the probate process. This legal process includes validating a deceased person's will, paying debts and distributing...
When a loved one passes away, they usually leave behind an estate that consists of their assets, debts and obligations. If someone names you as the executor in their will, you will carry the responsibility of managing and distributing the estate according to the...
When someone dies, his or her family or attorney must file the will with the Register of Wills. It is important to file in the correct county. Once filed, the probate process will begin. The goal is to finalize the person's estate by wrapping up all financial details....
Settling an estate can be a complex task. In Pennsylvania, the executor of an estate has numerous duties to perform, from filing the will with the probate court to distributing assets to beneficiaries. It is essential for an executor to complete these tasks in a...
Losing a loved one is a challenging and emotional experience, and issues related to their estate can add further stress during this difficult time. If you suspect that the executor of your loved one's Pennsylvania estate is being unfair or not fulfilling their duties...
Drafting a will is an essential element of managing an individual's estate. The document guides the distribution of property after a person's death and can even do so in a way that minimizes Pennsylvania's inheritance tax. However, situations can occur where a will's...
After one of your family members dies, his or her will and estate will likely go through the probate process. Probate is a formal legal process that involves recognizing the will and appointing the executor of the estate. According to the American Bar Association, the...
