Skip to Content

We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. Please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

What does “Close the Estate” mean in Chester County, Pennsylvania?

Posted on Tue Oct 6, 2015, on Probate and Estate Administration

From our “Ask a Question” Mailbag: Closing a Chester County Estate

Most Recently Updated July 26, 2018.

“My father named me the Executor of his estate. I filed his will with the Register of Wills in Chester County, paid the Pennsylvania Inheritance Tax, and took care of all his bills. There was very little money left for my sister and I, and I divided that between us. How do I now close the estate?”

Closing a Chester County Estate

Closing a Chester County Estate

You will not find anything in the packet of information from the Chester County Register of Wills about how to “Close the Estate,” because it never really happens. The term refers to when the final assets of the estate are distributed. This normally means that the Executor has run out of things to do.

This should happen after the family settlement agreement is signed and filed with the Register. As Executor you continue to have all the powers and responsibilities, even after the assets are distributed. If you discover an asset years from now (such as a forgotten certificate of deposit or a deferred stock dividend), you, as the Executor, still have the power to claim that asset and distribute it to your sister and yourself. Or, if a creditor (say, the IRS) makes a future claim, you will be the one responsible to address the claim.

This is why it is very important that the Executor make sure that all claims are addressed before making final distribution of the Estate assets. Often, the Executor will keep a reserve fund, just in case something unexpected happens. This way you will have the money necessary to address a surprise creditor or to hire a Chester County Probate Lawyer to help you collect a discovered asset.

More Probate Questions?

Closing a Chester County Estate is only part of the overall probate process. By all means, if you wish to learn more, please read my more detailed article, The Probate Process All You Need to Know.

In Conclusion: Closing a Chester County Estate

I hope that this article was helpful in explaining closing a Chester County estate. Further, I included links to even more detailed information on my website. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!

Let our Probate Lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced Probate Attorneys.  By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!

Wills, Trusts, Probate, and Estate Litigation, It’s All We Do!

Tags:

Chester County, Pennsylvania, Probate, Probate Attorney, Probate Lawyer

Peter KlenkPeter Klenk

What Our clients are saying

Klenk Law Logo
Stars

Glenn P.

Peter Klenk ESQ is a thoughtful and capable attorney who we work with on estate planning issues. His firm recently provided us with new Wills, Power of Attorneys and our instructions regarding major health issues. These documents are important for estate and life planning. Peter and his team are masters in the complexities of Estate Law. We highly recommend Peter and his Associates to provide thoughtful advice and outstanding work on these complex issues of the law. Make sure your estate planning documents are up to date, and Peter can be relied on to do an excellent job. Well done Peter!

Klenk Law Logo
Stars

A Google User

Peter is a model attorney who puts his clients first at all costs. His extensive expertise in estate planning and tax planning was a great comfort as we began, and have expanded, our family. He is very thoughtful, generous, and quick witted. His approach towards his business has been an inspiration to his peer group, and his zest for life is extremely infectious. Without reservation, I highly recommend Peter as trusted and cherished counsel

Klenk Law Logo
Stars

Klenk Law is an exceptional practice. Their fine lawyers and staff team up to produce excellent results for their clients. They excel at explaining the often cryptic laws and policies that govern estate planning right down to the complexities of the various "trust" frameworks. Peter himself manages each client together with his great team, and he has a rare quality to be both a walking encyclopedia of planning minutia and also one of the most likable lawyers I have ever had the pleasure of dealing with. He is truly generous in intellect and in his personal approach to getting the "big picture" for complex family structures. I trust him implicitly to help me make the right choices for the future. In short, Klenk Law is a gem of a firm.

Klenk Law Logo
Stars

Alan Kaplan

Peter has done our family's trust and estate work since our children were born. He is not only extremely knowledgeable and honest, but makes sure that our arrangements remain current with the changing legal landscape. I would give him my highest recommendation as a professional in his field.

Klenk Law Logo
Stars

D.P.

Like another reviewer, I contacted Peter through his website using the free consultation link, for a question regarding PA inheritance taxes. The question was quite technical and difficult to explain, and the answer was nowhere to be found on the web. Peter grasped precisely what I was asking, and provided a clear, helpful response (with a touch of humor) the very next day.

Let us put our expertise to work for you.

Free consultation within 24 hours.