Many clients come to me with similar questions. I thought I would put a series of guides with some of these questions and my answers. This Guide will address frequently asked questions about Estate Administration work.
1
What is probate?
Probate is the court oversight of the estate administration process after a person passes away. Only certain assets are considered probate in nature. Probate assets typically are those owned by the decedent in the decedent's individual name without a beneficiary designated. The Executor, where there is a will, or Administrator, where there is no will, is appointed by the Register of Wills Office in the county where the decedent last resided. He or she then must follow the probate procedures to properly complete the estate administration.
2
How long does probate take?
The length of the probate process varies greatly from estate to estate. The determining factors include the assets involved in the estate, the experience of the Executor/Administrator and counsel and the ease in dealing with the beneficiaries. Contrary to common belief, the process is rarely impacted by the actual probate court requirements which can be accomplished timely if the other factors are favorable.
3
Should we try to avoid Probate in Pennsylvania?
It is not as important to avoid the probate process in Pennsylvania as it is in other states. The PA probate process tends to be less cumbersome than in other states. The probate fees are also low in PA because there is an Inheritance Tax that applies to BOTH probate and non-probate assets. As a result, there is little gained in the way of time or cost savings resulting from avoidance of probate in PA.
4
Are assets "Frozen" during Probate?
No, the Executor/Administrator can freely access estate assets after his/her appointment. The Executor/Administrator has the ability to invest the assets how they deem appropriate. Further, the Executor/Administrator has the authority to make early distributions to the beneficiaries. This is a decision made by the Executor/Administrator and not by the probate requirements.
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