SMALL ESTATES
Property of a Pennsylvania decedent is usually subject to administration
by the Orphans'
Court of the county in which the decedent lived. However, there
are numerous exceptions.
Some property is outside the scope of administration, such as
insurance, pensions, annuities and
similar contractual arrangements. These typically have beneficiaries
designed in them which
were chosen by the decedent prior to his or her death. Property
which is jointly owned usually
passes to the survivor. In all of these instances merely filing
or producing a death certificate may
be all that is necessary to transfer title or the right to the
proceeds, although the asset may still be
subject to Pennsylvania Inheritance Tax.
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If you need an attorney and don't have one, the Lawyer Referral and Information Service can help.
Call Us Monday - Friday from 8:30 AM - Noon and 1:15 PM - 3:00 PM at (814) 459-4411.
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On the other hand, assets which are in the decedent's name alone
may need to be
transferred by a court-appointed personal representative or with
a court order. When a decedent's
personal property does not exceed $25,000.00 and there is no
real estate involved, a simplified
procedure is available to administer and transfer the estate
assets without full probate
administration. This procedure is the Petition for Settlement
of a Small Estate. A person
interested in the estate, such as a spouse, a beneficiary, a
creditor, or a personal representative
may file a petition with the Court. This usually is done with
the assistance of an attorney. This
petition will list all of the decedent's assets, the decedent's
and the estate's obligations, including
inheritance taxes, and the decedent's beneficiaries or other
persons entitled to the decedent's
property. With appropriate notice to all interested parties,
the court will authorize all necessary
payments, transfers, and appropriate distributions. In this manner
the entire administration of the
estate is accomplished in one relatively simple procedure. Assets,
such as bank accounts or
stocks and bonds, which often require proof of authority to transfer,
can be transferred with a
court order from this procedure.
To take advantage of this simplified procedure of the Petition
for Settlement of a Small
Estate, the decedent's personal property cannot exceed $25,000.00
in value. If there is real estate
owned by the decedent in his or her name at the time of his
or her death, full probate
administration is required. If a decedent's personal assets
exceed that amount, the personal
representative of the estate will need to comply with requirements
of full probate administration.
This is a more time-consuming and expensive, but necessary,
procedure in larger estates. In
either case, however, you should consult your attorney for
advice and assistance in filing all
required papers and tax returns.
If you need an attorney and don't have one, the Lawyer Referral and Information Service can help.
Call Us Monday - Friday from 8:30 AM - Noon and 1:15 PM - 3:00 PM
at (814) 459-4411. |
