FAQs

A person or entity named by the decedent in the Will to carry out the provisions in the Will.

Typically, Probate refers to presenting the Decedent’s original, signed Last Will and Testament to the Register of Wills and death certificate for registration. The Register of Wills will then swear in the Executor to act on behalf of the Decedent’s Estate. When a Decedent dies without a Will, known as dying Intestate, the person serving is called an Administrator and assets are distributed in accordance with Pennsylvania Intestate Succession laws.

Probate is the proverbial “boogeyman” of estate planning primarily due to concerns over costs. Do not create an estate plan solely to avoid Pennsylvania Probate fees as they are a nominal cost of the estate administration. This may not be the case in other states so it is particularly important to discuss these issues with an experienced estate planning lawyer, developing a plan specific to your resident state and personal financial picture.

The term Death Taxes is a general term for taxes imposed by the IRS and/or Pennsylvania Department of Revenue based on a person’s death. Federally the IRS may impose a Federal Estate Tax (Form 706) if an Estate’s value meets the current annual exemption threshold. Even if the Estate value does not meet the annual threshold, it may be advisable to file a Federal Estate Tax Return for a surviving spouse. So called Death Taxes also encompasses the Pennsylvania Inheritance Tax (Form PA Rev-1500) imposed on the transfer of the Decedent’s assets to the heirs, joint owners, and/or beneficiaries.

Yes, certain income thresholds apply and affect the filing requirements however, it may be advisable to file the federal and state returns (Federal Form 1041 and PA-41) to obtain loss deductions for the beneficiaries via Schedules K-1 and PA RK/NRK-1. These Returns are often referred to as Fiduciary Income Tax Returns. Again, it is important to utilize a tax preparer who has expertise and not just passing knowledge of these tax returns to fully obtain the deductions, provide income tax planning, and tax advice. The executor is also responsible for ensuring that the Decedent’s final personal income taxes (Forms 1040 and PA-40) are prepared and filed. Penalties and interest may apply if deadlines are missed or payment is delayed.

You can search for Pennsylvania unclaimed property at the following website: https://patreasury.gov/unclaimed-property/