When someone passes away, their estate typically goes through one of two processes: probate or trust administration. These options appeal to different people for different reasons—and misinformation is common—so we receive many questions, especially on probate. Join Jeff as he explains the process of probate administration in Pennsylvania. It’s important to understand whether you’re an executor, a beneficiary, or someone planning for their family’s future.

WHAT YOU NEED TO KNOW

(00:00) Episode introduction.

(03:15) Probate is the legal process for distributing assets that are not jointly owned or attached to a beneficiary.

(04:33) Powers of attorney become invalid at the time of death.

(05:54) In Pennsylvania (PA), probate and trust administration are very similar. For probate, an executor is sworn in.

(06:37) To be sworn in, the personal representative provides their law firm (or the Register of Wills) with the death certificate and the original will.

(07:56) The executor is liable for ensuring that probate is handled correctly, so many people use a law firm.

(09:09) The law firm provides notices to heirs and creditors and determines date-of-death values for all assets.

(10:17) Making a tax prepayment within three months after death results in a 5% discount on the inheritance taxes owed. The inheritance tax return must be filed within nine months of death, but an extension, with interest, is possible.

(12:27) A partial distribution can be made. Final distributions require the signing of receipts and releases.

(14:46) A fiduciary return must be filed if there were gains in an estate account.

(18:15) Most institutions will not allow testamentary trusts under a will.

(18:45) You are not required to hire an attorney for probate, but an attorney can shoulder the work and risk for you.

(23:09) An executor is entitled to an executor’s commission.

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