There are few things more emotionally traumatic than losing a loved one. Our close relatives are such a major part of our lives, and when they pass away we are faced with having that absence in our lives. Nevertheless, there are things you are going to have to attend to when your spouse, parent, or other close relative dies. It is vital that you consider these things as soon as possible because timing is important in order to address their estate and wind up their affairs. That is why you should consider retaining the services of an experienced Pennsylvania estate-planning attorney to assist you with these matters.
What Immediate Steps Should You Take?
Upon the death of your loved one, you will need to plan the funeral and notify other relatives so that they can attend the ceremony. In some cases, your relative may have left careful instructions, including securing a burial plot and prepaying expenses. In addition, you will need to locate the will, which may be with the attorney who helped your family member prepare it. This will provide guidance on the distribution of property from the deceased’s estate.
Once you have begun the funeral process and located a copy of the will, you should begin securing their assets. This includes the home and any valuables stored therein, as well as any stocks, bonds, bank accounts, and other assets held by financial institutions. If the relative had life insurance, you should locate the policy. You are also going to need to notify the insurance company, Social Security, their employer, and any financial institution that held their accounts. Also, it will be necessary to find out the names of any creditors and notify them as well, as you will have to pay these debts before distributing any assets from the estate.
You are going to need to get a death certificate. This will have to be filed along with the will at the Pennsylvania probate court. If you are named as the executor in the will, then you will be responsible for the probate process. In the event that another relative has been named as executor, you will have to contact this person so they can take charge of the estate.
What is the Timeline for the Probate Process?
Probate is the process under which the creditors get paid off, the assets get distributed to the heirs, and the estate of your loved one is settled. The entire process can take between 12 to 18 months. However, being proactive and getting the information together beforehand can often expedite the process.
You need to file a petition with the probate court, as well as a copy of the will and the death certificate. The Register of Wills will issue Letters Testamentary to the executor so that he or she can work on behalf of the estate. In some cases, the deceased issued a springing power of attorney that went into effect upon death, empowering the executor to act as attorney in fact on behalf of the estate. This can often save time.
Preparing the petition can be a difficult matter, especially for complex estates with many assets, creditors, and heirs. This is why it makes sense to retain an attorney to assist you with the probate process. If your loved one had any creditors, they have up to one year from the date of death to file a claim against the estate. In addition, all of the assets of the estate will need to be inventory and valued during this one-year period. During this time, the estate will have to file tax returns for each year while the estate is still open. Once the creditors have been satisfied and all expenses have been paid, the executor can begin distributing assets to the heirs and beneficiaries of the estate. While you may be able to accomplish all of this within 18 months, you should keep in mind that any litigation involving heirs or creditors can delay matters. This is why it is vital that the terms of the will be as clear as possible in order to avoid confusion.
What are the Duties of the Executor?
The position has a vital role in the estate and must act as a fiduciary, meaning that he or she owes an obligation to work in the best interest of the estate and its beneficiaries. Failure to act in this manner could open up the executor to personal liability.
The tasks of the executor include initiating probate, working with the attorney if the estate has decided to retain one, notifying heirs and beneficiaries, and securing all of the estate assets. In addition, the executor has to pay off the debts and expenses of the estate, including filing tax returns. Once the debts and expenses have been satisfied, the executor can begin distributing the remaining assets to the heirs according to the terms of the will. A final accounting must be prepared for all assets, income, expenses and distributions made by the estate. When this has been completed and filed with the probate court, the executor can close the estate.
Contact a Pennsylvania Estate Planning Attorney Today
Handling the affairs of a loved one who has just passed can be a very demanding task, especially when you factor in the emotional toll the death of your relative has taken on you. This is why you should consider retaining an experienced estate-planning attorney from Jones Gregg Creehan & Gerace to provide you with expert assistance. Contact us today for a consultation.