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Tag: Pennsylvania

How do I close an estate in Chester County?

Posted on Wed Jul 22, 2015, on Probate and Estate Administration

From our “Ask a Question” mailbag: I have served as the Executor for my sister’s Chester County estate for over a year and want to close the estate. Her son claims that I have embezzled money from the estate. This is ridiculous. Can I close the estate while he makes these claims?

As the executor, you could make an “at risk” distribution of the estate assets. This means you distribute the money without your nephew’s agreement. This is not advisable, as your nephew could then use his inheritance to hire a Chester County Orphans’ Court Lawyer and force you to file a formal account.

Klenk Law

How often should we update our wills in Philadelphia?

Posted on Wed Jul 22, 2015, on Estate Planning

From our “Ask a Question” mailbag: My wife and I updated our wills several years ago, when our kids were younger. How often should we update them?

We were recently hired by an executor to probate the will of a client whose Will was signed in the 1970s. That will was over 40 years old, but it was the last will the client ever signed, and it was never revoked. Therefore, that Will was accepted for Probate. So, a will does not have to be updated if it still reflects your wishes.

Klenk Law

Can my creditors go after the proceeds of a life insurance payout I disclaimed?

Posted on Tue Jul 21, 2015, on Estate Planning

From our “Ask a Question” mailbag: Last year, my mother died in Bucks County and named me as beneficiary of her life insurance. As my children were the contingent beneficiaries, I decided to disclaim the inheritance, so the insurance money passed to my children. I was recently in a car accident. If I am sued can they claim that life insurance money?

No one can force you to take an inheritance.

If you properly disclaimed your interest in the life insurance, then you never received it. If you never received it, then any future creditor that you may have cannot claim the asset.

Klenk Law

How long should I wait before distributing Bucks County estate assets as executor?

Posted on Tue Jul 21, 2015, on Estate Litigation

From our “Ask a Question” mailbag: My father died a few months ago as a resident of Bucks County. I was named as executor in his Will. My siblings and I need our inheritance now to pay off some bills, but we are worried about my dad’s creditors coming forward and asking to be paid. Is there a statute of limitations for creditors to come forward? If I don’t wait, can I ever be personally responsible for the estate debts?

Your father’s death did not end his obligation to pay unpaid bills. By taking on the job of executor, you have the power and duty to marshal his assets and pay his outstanding bills. Compared to other states, Pennsylvania is creditor-friendly. If you have notice of a creditor, you are expected to address the claim.

Klenk Law

Does signing the Executor’s release in Philadelphia waive my right to ask questions?

Posted on Mon Jul 20, 2015, on Probate and Estate Administration

From our “Ask a Question” mailbag: The lawyer serving as the executor for my aunt’s Philadelphia estate has sent me documents called an Informal Account and a Receipt, Release, Refunding and Indemnification Agreement. If I sign this, do I waive my rights to ask any questions?

As a beneficiary of your aunt’s estate, you have the right to have a probate attorney force the executor to file a Formal Account with the Philadelphia County Orphans’ Court. But, assembling a Formal Accounting will be a cost to the estate and may reduce your inheritance. Typically, when there are no disputes, the executor will instead assemble an Informal Accounting of the estate’s assets and expenses. This Informal Accounting is then submitted to the Beneficiaries for review.

Klenk Law

Who pays the funeral bill in Montgomery County?

Posted on Mon Jul 20, 2015, on Probate and Estate Administration

From our “Ask a Question” mailbag: My father died in Montgomery County divorced from my mother and without a will. I have one sister who is younger than me. Am I responsible for his funeral bill?

Typically, when a person dies, the family will make arrangements with the funeral director to pay the bill themselves and then are reimbursed by the estate. Often, the funeral director will not take on the expense of the funeral without knowing they will be paid. Your question makes it sound as if you did not agree ahead of time to be responsible for the bill. If so, then you are not responsible to pay the bill, although I am sure your father’s funeral director would prefer that you pay that bill.

Klenk Law

When can I challenge a forged will in Montgomery County?

Posted on Fri Jul 17, 2015, on Will Contests and Will Challenges

From our “Ask a Question” mailbag: My partner said that he was going to leave me money in his will. But, at his death, a distant cousin of his filed a will and obtained letters with the Montgomery County Register of Wills that gave everything to that cousin. I think the will is a forgery. Is there a statute of limitations period for me to challenge the will?

Yes. If you had acted before the will was filed, you could have had your Montgomery Probate Attorney file a caveat with the Montgomery County Register of Wills. Doing this would have prevented the distant relative from obtaining Letters Testamentary until you had the chance to review the will. Also, this would have given you more time to decide if you were going to contest the will.

Klenk Law

Protecting PA Inheritance from an Untrustworthy Executor

Posted on Wed Jul 15, 2015, on Formal Accounting

From our “Ask a Question” mailbag: I am a beneficiary in a will that has been through probate. Unfortunately, the executrix is very untrustworthy, and I feel that she has been spending all the money in the deceased’s accounts. Neither she, nor her attorney, have provided me with any accounting of any accounts. Is there any way that I could freeze the accounts before all the money is spent?

Executors in Pennsylvania are given a great deal of power to act on their own, without court supervision. This works well when the Executor is honest, as the estate can be managed less expensively. If the Executor is untrustworthy, though, this system can fail unless the beneficiaries enforce their interests.

Klenk Law

Revocable Living Trusts in PA to Protect Grandchildren Inheritance

Posted on Wed Jul 15, 2015, on Revocable Trusts and Living Trusts

From our “Ask a Question” mailbag: How do I make sure the inheritance that I leave my daughter passes to my grandchildren at her death?

If you leave your daughter an inheritance outright, then-at her death-it will be available to satisfy any creditors or law suits she might have. It might even end up in her husband’s name, rather than passing to your grandchildren.

Klenk Law

Can I have a will directive to sell my house in Philly? Yes, you can.

Posted on Mon Jul 13, 2015, on Estate Planning

From our “Ask a Question” mailbag: My husband died several years ago, so I now own the family house. My children get along fairly well, but they should not own this house together. It would cause conflict. There is little else that I own, so I want to make sure that the house is sold and that there is no fight about it. How do I do that?

Two things come to mind.

First, in circumstances like this, I will place specific language in the will instructing the executor to sell the property for fair market value. A child may buy the property, but it must be without any loan from the estate. Therefore, the child is treated like any other buyer.

Klenk Law

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