Pennsylvania Trust And Estate Attorneys
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FAQ
To make a living trust in Pennsylvania, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trust's beneficiaries?that is, who will get the trust property. Create the trust document.
The process of settling an estate involves naming a personal representative, collecting estate assets, filling appropriate forms with the Register of Wills, notifying heirs, providing a public notice, paying all debts and taxes, and distributing the remaining assets to heirs named in the will or under the laws of ...
Under Pennsylvania law, executors have a duty to provide an accounting to beneficiaries. An accounting is a detailed report that outlines the assets, liabilities, income, and expenses associated with the estate, as well as the executor's actions in managing and distributing the estate.
If you still wish to keep control of it through a single trustee, you may set up an irrevocable trust that will pass it tax-free. That type of trust should be distinguished from a revocable trust, which is still subject to inheritance tax.
The length of time an executor has to settle an estate in Pennsylvania can vary considerably, typically spanning from several months to over a year, depending on factors like the size and complexity of the estate, the clarity of the will, and whether the probate process is contested.