Pennsylvania Small Estate Affidavit for the Collection of Insurance Proceeds of $11,000 or less
Description Pennsylvania Small Estate
How to fill out Pennsylvania Small Estate Document?
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Decedent Estate Pennsylvania FAQ
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.
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.
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.
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.
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 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).
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.
Pennsylvania law allows estates worth less than $50,000.00 to seek direct Orphans' Court approval of the proposed distribution of the estate.