Estate management in Pennsylvania

On Behalf of | Sep 30, 2023 | Blog, Probate And Estate Administration |

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 you have inherited the estate or are responsible for its administration, you need to understand how to navigate this situation effectively.

Assessment and securement of estate assets

Begin by conducting a thorough assessment of the estate’s assets and liabilities. Document everything, including real estate, financial assets, personal property and outstanding debts. Make sure the physical assets are secure. Change locks, maintain insurance coverage and address any safety hazards if necessary.

Another important step is gathering all relevant legal documents, such as wills, trusts and deeds. If necessary, start the probate process by filing the will with the Register of Wills office. During this process, notify creditors of the estate and address outstanding debts and obligations.

Legal and financial responsibilities

Once you have assessed the estate and secured its assets, follow the instructions in the will for distributing assets to beneficiaries. If there is no will, Pennsylvania’s intestate succession laws will determine the distribution. Unfortunately, only 18% of people over 55 have completed important legal documentation such as a will, durable power of attorney and health care directive.

You will need to handle tax matters carefully and promptly. This includes filing the deceased’s final income tax return and the estate’s income tax return. Consult with financial professionals such as accountants or appraisers if necessary.

Communication and closure

Throughout the process, maintain communication with beneficiaries and interested parties. This helps minimize conflicts and ensures a smoother estate administration.

Finally, prepare a final accounting of the estate’s assets, liabilities and distributions. Seek court approval if necessary. Once the estate has met all obligations, distribute the remaining assets to beneficiaries, close the estate and obtain any required releases or waivers.