Pennsylvania Living Trust for Individual Who is Single, Divorced or Widow (or Widower) with No Children
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Pennsylvania Individual Application FAQ
But for estates in Pennsylvania that exceed the small estate's threshold, and for which there is either no Will, or a Will (but not a Living Trust), probate will be required before an estate can be tranferred to the decedent's heirs or beneficiaries.
How long does probate in Pennsylvania take? In Pennsylvania, most probates can be done in 9 to 18 months.
In Pennsylvania, you can make a living trust to avoid probate for virtually any asset you ownreal estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a successor trustee).
Examples of probate assets include: Single name bank or investment accounts. Assets owned jointly as tenants in common (as opposed to joint tenancy) Art and collectibles.
At its most basic level, the probate process in Pennsylvania involves two steps: paying your debts and transferring any assets to your beneficiaries. A probate proceeding begins when the court appoints someone to handle the administration of estate, i.e. a personal representative.
The Probate Process in Pennsylvania Inheritance Laws Essentially any estate worth more than $50,000, not including real property like land or a home and other final expenses, must go through the probate court process under Pennsylvania inheritance laws.
Typically, the entire process may take up to 12 months. The longest delay seems to be for the PA Department of Revenue to approve a PA Inheritance Tax Return, once submitted...
Property that is held in joint tenancy or as tenants by the entirety. Bank or brokerage accounts held in joint tenancy or with payable on death (POD) or transfer on death (TOD) beneficiaries. Property held in a trust.
How long does probate in Pennsylvania take? In Pennsylvania, most probates can be done in 9 to 18 months.