Legal Question in Wills and Trusts in Pennsylvania

Re: Do you receive final reports on estate?

Simply put yes. There are two ways in which an Executor can close an Estate. One is by family settlement agreement, the other is by filing a formal accounting and presenting at audits through the court. Please note that the estate administration process generally takes about one year.

If they choose to close the estate by family settlement agreement, they must attach a summary accounting of what the assets were, what the fees, tax, debts, etc. were that were paid, and what is left for distribution. It should also include a schedule of distribution showing what they propose to distribute to you. If it acceptable, you should sign it and receive your money. If you have problems with it, you need to notify the Executor of your concerns. If it can not be resolved you have the right to have them file a formal accounting with the court.

Which brings us to the second way you can close an estate. The Executor can file a formal accounting with the estate. All beneficiaries must be served with a copy. Along with the copy they must provide you with a date that they will be presenting it to the court. You then have the right to appear at court and voice your objections or file written objections before that date. In this situation I strongly suggest having an attorney.

If it has been over a year or you feel like the Executor is mismanaging the funds, you may want to hire a lawyer to petition the court to have the executor file an accounting.

I hope that this answers your questions. If you would like to discuss it further, I do give free initial consultations and would enjoy speaking with you further. Please do not hesitate to contact me at [email protected] or 412.963.8495.