Pennsylvania Small Estate
Description Pa Small Estate Affidavit
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Where Can I Get A Small Estate Affidavit Form Form popularity
Pennsylvania Small Affidavit Other Form Names
Pennsylvania Small Affidavit Form FAQ
Pennsylvania law allows estates worth less than $50,000.00 to seek direct Orphans' Court approval of the proposed distribution of the estate.
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.
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).
When you use a small estate affidavit , you have to pay the decedent's bills before paying money to anyone else. For example, the decedent might have owed money to a credit card company when they died. If you use the small estate affidavit, you must give money from the estate to pay the credit card company.
In most states, however, there is the option to use a small estate affidavit when the assets of the estate are under a certain dollar amount, which varies by state. An attorney is not required to file a small estate affidavit, although it may be helpful to consult with one prior to filing the small estate affidavit.
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.
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.
One particularly important deadline to be aware of is the deadline for creditors of the decedent to bring a claim against the estate. In Pennsylvania, a creditor has one year from the date of first publication of the grant of letters to bring a claim against the estate.