What are the steps involved in the probate process?
In any estate administration there are three basic steps:
- Compiling an inventory of what is included in the estate and gaining control over those assets
- Paying all debts, funeral expenses and taxes including final income taxes, Pennsylvania Inheritance tax and, in rare cases, Federal Estate tax
- Distributing the decedent's assets according to the Will or Trust
The specific tasks in each estate administration will vary.
Factors affecting the administration process include:
- Whether there is a will or trust
- How assets are titled
- Beneficiary designations
- Existence of creditors
As the executor or trustee, you will be tasked with the following and more:
- Obtaining death certificates
- Verifying the deceased’s will or terms of a trust
- Notifying beneficiaries of the estate
- Notifying creditors of the deceased
- Identifying and gathering all property belonging to the estate
- Developing a system to track the estate’s accounting
- Valuating property to determine how much the estate is worth
- Paying taxes owed to the state or federal government
- Preparing a final tax return for the estate
- Paying off valid debts owed by the deceased
- Paying yourself an executor’s commission (if you wish to take a fee)
- Distributing the remaining assets to the beneficiaries according to the decedent’s wishes
Of course, this is just a simplified overview of what will be involved in the estate administration process. There are many smaller – but no less important – tasks that will need to be accomplished.
Our estate administration legal team in Berks County provides you with the support you need. We can take as many tasks off your plate as possible and provide you with protection from liability.
Understanding the Role of an Executor or Trustee
Being named an executor or trustee comes with important responsibilities. These roles ensure the deceased’s wishes are carried out and the estate is managed properly.
Legal Duties and Responsibilities
As an executor or trustee, you are responsible for managing the estate, which includes:
- Administering assets: Identifying, valuing, and securing estate assets.
- Paying debts: Ensuring any outstanding debts, including taxes, are paid.
- Distributing assets: Distributing assets according to the will or trust.
- Maintaining records: Keeping detailed and accurate records of the estate’s financial transactions.
Differences Between Executor, Administrator, and Trustee
- Executor: Appointed by the decedent in their will to carry out estate administration duties.
- Administrator: Appointed by the court when there is no will. This person takes on the same responsibilities as an executor.
- Trustee: Appointed to manage a trust, ensuring the terms of the trust are followed.
Fulfilling Fiduciary Duties
As an executor or trustee, you must act in the best interests of the beneficiaries. This means:
- Loyalty: Putting the beneficiaries' interests ahead of your own.
- Impartiality: Treating all beneficiaries fairly.
- Care: Managing the estate’s assets wisely and diligently.
Avoiding Common Estate Administration Mistakes
Estate administration can be tricky. Here are common mistakes to avoid:
- Failing to properly identify all assets: Overlooking assets can delay the process or lead to complications.
- Not notifying creditors: Neglecting to notify creditors can lead to unpaid debts and potential legal consequences.
- Improper asset distribution: Distributing assets too soon or incorrectly can lead to disputes among beneficiaries.
To avoid these issues:
- Keep thorough records.
- Communicate clearly with beneficiaries and creditors.
- Seek professional advice when needed to ensure everything is done correctly.
Estate Planning and Avoiding Probate
A good estate plan can help you avoid lengthy probate. Here’s how:
- Trusts: A well-structured trust can bypass the probate process, allowing for faster distribution of assets.
- Other tools: Powers of attorney, healthcare proxies, and living wills can ensure decisions are made according to your wishes, without the need for court intervention.
By planning ahead, you can reduce the stress and costs associated with probate and ensure your assets are handled as you intended.
How Long Does Probate Take In Pennsylvania?
In Pennsylvania, the probate process typically spans several months to over a year, depending on the complexity of the estate and any potential legal challenges.
The probate process begins with filing the will with the local Register of Wills, followed by appointing an executor to administer the estate. Once appointed, the executor must notify beneficiaries and creditors, manage estate assets, and settle any outstanding debts. This stage can be time-consuming, especially if disputes arise or if assets need to be appraised and sold.
On average, uncomplicated estates may complete probate within 9 to 12 months. However, factors such as contested wills, difficulties in locating beneficiaries, or complex asset portfolios can extend this period significantly.
Our experienced Berks County estate administration attorneys will guide you through each step of the process. Call (610) 957-0018 or complete our online form to schedule a consultation.
Our Berks County Estate Administration Attorneys Can Minimize the Risk of A Dispute
Probate and estate administration is a difficult process that comes at a difficult time. The passing of any loved one can itself cause tension among those they left behind.
The death of a parent to spark renewed tension and feelings of rivalry among siblings. Family members may discover they were left out of the will, and pursue a will contest. Unclear and inconsistent estate documents can exacerbate existing family problems.
Familial tension and disputes can result in unnecessary litigation costs and lost time. It is important to seek representation from a lawyer who can ensure this process is carried out as smoothly possible.
Attorney Jeff Dorko can help estate executors and trustees comply with their legal responsibilities as fiduciaries. While litigation can arise under any circumstances, Jeff’s guidance can minimize the risk of it originating from reasonable parties.
Why Choose Dorko Wealth & Estate Planning for Your Estate Administration Needs?
At Dorko Wealth & Estate Planning, we understand that navigating the complexities of estate administration can be overwhelming, especially during a time of loss. Our dedicated team is committed to providing compassionate support and expert legal guidance tailored to your unique situation.
Here’s why you should choose us:
- Personalized Approach: We take the time to understand your specific needs and goals, ensuring that our strategies align with your vision for the estate.
- Experienced Professionals: Our attorneys have extensive experience in estate law, allowing us to handle even the most intricate cases with confidence.
- Transparent Communication: We prioritize clear and open communication, keeping you informed at every step of the process. You’ll never feel left in the dark.
- Proactive Problem Solving: Our team anticipates potential challenges and disputes, working diligently to mitigate risks and protect your interests.
- Comprehensive Services: From initial consultations to the final distribution of assets, we offer a full range of services to support you throughout the entire estate administration process.
Choosing the right legal partner is crucial during this sensitive time. Let us help you navigate the complexities of estate administration with care and expertise. Contact Dorko Wealth & Estate Planning for a consultation.
Legal Support Through Estate Administration
If you need an attorney’s assistance during the administration process of an estate, Dorko Wealth & Estate Planning can help. Attorney Jeff Dorko has given legal advice and services to people like you for nearly 30 years.
We can help you administer an estate quicker than you thought and help you feel more confident about the overall process. For more information about what Dorko Wealth & Estate Planning can do for you, please schedule an initial initial consultation with us.
Frequently Asked Questions (FAQ)
- What happens if someone dies without a will in Pennsylvania?
If someone passes away without a will in Pennsylvania, the estate will be considered "intestate." The state laws determine how the assets will be distributed, typically prioritizing close family members such as spouses, children, or parents. In this case, the court will appoint an administrator to manage the estate, rather than an executor named in a will. - Can an executor be removed from their duties?
Yes, an executor can be removed if they are not fulfilling their duties properly or are acting in bad faith. Common reasons for removal include failure to follow the terms of the will, mismanaging estate assets, or exhibiting a conflict of interest. A court can remove the executor if it is shown that they are not properly carrying out their responsibilities. - What if I don't want to be the executor or trustee?
If you are named as an executor or trustee and do not wish to serve, you can decline the role. You can notify the court (for an executor) or the trust beneficiaries (for a trustee). A substitute executor or trustee will be appointed, often from among family members or other trusted individuals. - How long does it take to settle an estate in Pennsylvania?
The time it takes to settle an estate in Pennsylvania can vary. On average, uncomplicated estates take 9-12 months to settle. However, complex estates or those with disputes may take several years to resolve. The process involves valuing assets, paying debts, and distributing assets, which can take time. - Can I contest a will in Pennsylvania?
Yes, beneficiaries or interested parties can contest a will in Pennsylvania if they believe it is invalid. Common reasons for contesting a will include allegations of fraud, undue influence, or lack of mental capacity at the time the will was created. It’s important to consult with an estate lawyer if you are considering contesting a will. - What is the role of a trustee in administering a trust?
A trustee’s role is to manage the trust's assets according to the terms of the trust agreement. This includes making investment decisions, distributing assets to beneficiaries, and ensuring that all legal and tax obligations are met. Trustees have a fiduciary duty to act in the best interests of the beneficiaries. - Can estate administration fees be reimbursed?
Yes, executors and trustees can typically receive compensation for their work, though the amount must be reasonable and in line with state laws. Estate administration fees can also include reimbursement for expenses incurred while managing the estate, such as filing fees, legal costs, or appraisal fees.
Get in touch with our firm by filling out our online contact form or calling (610) 957-0018.
