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Timothy J. Trott.

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Wills and Estate Planning

HOW TO HANDLE AN ESTATE

The Executor of a Will, or Administrator of an estate where there is no will, is known as the Personal Representative (PR). When you have been named Executor or Administrator you will find yourself faced with a variety of legal tasks to perform. This is not made any easier by the fact that you are still grieving over the loss of a loved one or friend.

Most PRs hire an attorney to handle these tasks. There are several good reasons for this. The job of PR is time consuming, there are specific legal deadlines with a variety of forms and reports to file with the court, and tax matters must be addressed. Perhaps most important is that the legal responsibility for failure to administer the estate in accordance with the law can fall personally upon the PR.

An experienced lawyer can handle most estates effectively and efficiently to be sure all requirements are met and the heirs can receive their bequests.

I use an Estate Administration Checklist as a tool to be sure that when I handle an estate for a client, we both know just where we need to go and what we need to get there.

Here’s that checklist:

IMMEDIATE ATTENTION

1. Get the original will or determine there is no will in existence
   

2. Make arrangements for anatomical gifts if any
   

3. Follow funeral and burial instructions
   

4. Obtain the death certificate
   

5. Locate witnesses to the will unless the will is self-proving
   

6. Petition the court for letters:
   

7. County of probate
   

8. Letters Testamentary
   

9. Letters of Administration
   

10. Bond required?
    

11. Renunciations?
    

12. Obtain short certificates
    

13. Advertise grant of letters
    

14. Open estate bank accounts
    

15. Inventory safe deposit box and personal property
    

16. Make note of tax matters to be addressed:
    

17. Due date of U.S. Estate Tax Return
    

18. Due date of Pennsylvania Inheritance Tax Return
    

19. Due date for 5% discount on inheritance tax
    

20. Due date for Pennsylvania Estate Tax Return
    

21. Send copies of will to all beneficiaries; notify Attorney General of any charitable bequests
    

22. Apply for Decedent’s last Social Security check, lump sum benefits or VA and any other death benefits
    

23. Return Social security check for the month in which the decedent died
    

24. Collect insurance proceeds
    

25. Discuss payment of debts with Personal Representative
    

WITHIN THREE MONTHS

1. Make complete list of assets with appraisal of real estate, vehicles, furniture and personal effects
   

2. Request family exemption if qualified
   

3. File any past due personal Property Tax Returns
   

4. Review investments
   

5. Make preliminary estimated inheritance tax payment to get 5% discount
   

6. Prepare list of gifts and property transfers made within three years of death
   

WITHIN NINE MONTHS

1. Prepare inventory of assets
   

2. File Pennsylvania Inheritance Tax Return
   

3. Pay balance of any inheritance tax due
   

4. File any necessary federal returns
   

REMAINING STEPS

1. Prepare account of estate
   

2. Obtain agreement of all parties to account
   

3. Formal accounting with court if no agreement
   

4. File status reports with Register of Wills after two years and annually thereafter
   

TAX MATTERS

1. Final US tax form 1040 and PA 40 for decedent’s lifetime
   

2. Fiduciary returns if necessary
   

3. Personal property tax returns.
   

Timothy J. Trott

24 Market Street

West Chester, PA 19382

(610) 430-6500

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Chester County Bar Association

Disclaimer:

The information provided on this website is for general information only. For specific answers to your specific legal questions, you should contact an attorney.