Estate Administration Attorney In Pittsburgh
There are different ways that an individual can be placed in charge of the administration of an estate. The first is through directive in the deceased person’s will. A family member can name you to be the facilitator of his or her estate, post-death or disability, through a will. If there is no such will and you are the closest kin to the person in discussion, such as the husband or wife, you may be set in charge of administering the estate. If no will has been left and you, as the decedent’s personal representative, have still been placed in position to handle the administration of the estate, the distribution of assets will be completed in conjunction with the law of the state and elder law.
The following are some of the areas of estate administration you should be familiar with.
Pennsylvania Inheritance Tax Returns
In Pennsylvania, you will be required to file a PA Inheritance Tax Return (Form REV-1500) within the probate and estate administration procedure. It should be filed for any deceased individual who lived in PA during his or her death or owned reportable property.
Federal Estate Tax Returns
There are certain specifications on when a United States Estate Tax Return is to be filed. It is required to be filed for each estate of U.S. citizens whose gross estate and adjusted taxable gifts and exemptions equals above a certain amount that is prescribed each year.
State And Federal Fiduciary Income Tax Returns
The person in charge of assets in a trust for a beneficiary is called a fiduciary. The State & Federal Fiduciary Income Tax Returns (Form 1041) is a form that must be filed if the estate has more than a certain dollar amount in taxable income or if a fiduciary is not a resident. The fiduciary will be the one to sign the tax return.
Real Estate Sales
A real estate agreement of sales is one of the most vital documents in a real estate sale because it explains the terms and conditions of the transaction. A fiduciary deed is a part of this process and is used to transfer one’s property when the grantor is the trustee or executor. An individual’s attendance at closing is dependent on several variables and can be determined by your estate planning lawyer.
Individual Income Tax Preparation for Decedent’s Estate For Final Income Tax Returns
A personal representative who is in charge of the decedent’s property is responsible for filing the final individual income tax return along with the estate tax return. If income is included or deductions taken is determined by the accounting procedure of the decedent.
Representation Of The Executor/Administrator
An executor/administrator who is chosen in a will to act as the deceased’s representative can obtain a professional estate planning lawyer to help their own personal liability in the matter. This helps assure that all requirements and responsibilities are fulfilled in an efficient and complete manner.
Arrangements For Appraisals
There should be proper arrangements made for appraisals to be completed. The environment should be one in which the matters can be discussed confidentially and privately. A lawyer from our firm can help you make the necessary arrangements for an appraisal to take place. This is especially necessary obtaining a personal property and business appraisals where there are many risks involved. Real estate appraisals should also have the appropriate arrangements made so that if is certain that the appraisal is qualified.
Additional Responsibilities Of An Administrator
Notifying Creditors Of The Death
When a debtor passes away, it is the administrator’s job to contact all potential creditors and inform them of this. Oftentimes, outstanding debts will be the primary priority when dispersing an estate. All of these debts need to be covered before the family can disperse the rest of the finances and adhere to the requests of the decedent’s will. If you are the administrator, then you will need to locate a list of the deceased individual’s debtors and ay them all what they are owed out of the estate. In some situations, this may take up the bulk of the estate. A Pittsburgh estate planning attorney from the firm can assist in this process and help you to organize the debts as needed in order to go ahead with the probate process.
Collecting Amounts Owed To The Decedent
It is also the decedent’s responsibility to collect any amounts that are owed to the decedent that were never paid during the individual’s lifetime. If he or she lent large amounts of money to people and was not repaid, then as the administrator you have full authority to contact those debtors and demand that they bring the amounts owed to you. This I because those amounts owed are considered a part of the estate and need to be factored ion when the probate process begins.
As administrator, you will need to make sure that all properties are given to the correct benefactor as outlined in the decedent’s will. The court will also be overseeing this process alongside you so that you do not have the freedom to tamper with the decedent’s wishes. If you have an attorney on your side, you can gain guidance in gray areas where you may not be sure how to divide property and can have a professional opinion when you call into a rut.
Document Preparation In Pennsylvania
If placed in charge, it is up to you to handle the details of the decedent’s estate and you will have several tasks to complete. You will need to collect all of his or her assets including debts owed, real estate, vehicles and dividends on stock. Other responsibilities that will be yours include the payment of any bills and yearly taxes. You might also have to file notices to the officials of the town and court. There are many aspects involved and an attorney from our firm, Temple & Frayer Law Office, can assist you by helping to prepare all legal documents and can represent you at any necessary hearings.