Executors of estates assume an important role in ensuring the orderly distribution of assets. Their responsibilities include initiating probate proceedings, settling debts and liabilities and creating a comprehensive inventory of the deceased's assets. Navigating the...
Month: January 2022
What happens if your loved one dies without a will
Losing a loved one is an emotionally taxing ordeal, and it becomes increasingly complex if they die without a will. Unfortunately, it is common for people to not have a will when they pass away, as CNBC reported that over 66% of Americans do not have a will. If...
What are some scams that people may see during estate planning?
Estate planning does not commonly bring up thoughts of annoyance and stress for most people. However, you may sometimes encounter scams that jeopardize your financial and mental well-being while writing these documents. Learning about this can help you shed light on...
Tips for choosing an executor
When it comes to planning for the future, one crucial decision you will need to make is choosing an executor for your estate. This person will help manage your affairs and carry out your specific wishes after your passing. To make certain that you select the right...
Estate management in Pennsylvania
Managing a disorganized estate in Pennsylvania is challenging and stressful. You must approach the situation with patience and sensitivity to the emotions involved. Additionally, it is important to follow the state's legal requirements throughout the process. Whether...
Tips for minimizing estate taxes
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....
How do estate administrators handle creditor claims?
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...
What happens during probate?
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...
Handling the grief of losing a loved one while navigating probate
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...
Roles of an executor in a Pennsylvania Estate
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...