Legal Question in Wills and Trusts in Pennsylvania
settlement of estate
My mother died 12/15/01. My brotheris executor of estate.Estate consisted of Tbills,savings bonds,IRA and house. The house sold 8/25/02.We purchased a condo for my sister from the estate 8/25/02 per my parents verbal wishes.My brother removed his share of the estate in Jan2003 in the form of the IRA. To date we have received no accounting of the estate and no money. He always has some excuse why the estate is not settled.Is there a time limitfor settling the estate? Will any one audit how the money was spent? Or are we at the mercy of my brother?The estate is going through an attorney but my brother is doing the work himself
2 Answers from Attorneys
Re: settlement of estate
as a beneficiary, you are entitled to an accounting of all the assets that were or are currently in the estate. if you would like further assistance in this legal matter, feel free to email me directly with how you might like to proceed.
Re: settlement of estate
The executor's responsibility includes paying debts and accounting for assets of the estate to the heirs/beneficiaries.
PA probate requires that shortly after probating a will, the executor must notify heirs/beneficiaries that the will is available at the off the Register of Wills.
Within 3 months after the date of death, notices should also have been sent to banks, brokerage houses, etc., and, to take advantage of a discount, make and advance payment on account of state inheritance taxes.
Within 6 months, an inventory of the estate should be filed with the Register of Wills.
Within 9 month, the inheritance tax must be paid, or penalties and interest will begin to accrue. All inheritance and federal estate tax returns should be filed.
Assets of the estate may begin to be distributed at any time, but the executor may incur personal liability if assets are distributed and there are not sufficient assets left to pay all debts and taxes. Usually, distribution completed after the death taxes have been settled.
A formal accounting may be filed with and approved by the court, or families may have "Family settlement agreements" and not go through formal accounting with the court. Such an agreement would provide the heirs/beneficiaries with an accounting of what assets and liabilities were in the estate and the proposed distribution of the net estate after payment of all obligations, including the decedent's income taxes for the last year of life. In such agreements, usually the heirs/ beneficiaries sign a "receipt and release", in which they accept the accounting and agree to give back funds that may be necessary to pay estate obligations.
The executor must also provide the Register of Wills with a final filing, indicating that the estate administration has been completed and the assets have been distributed.
If these things have not happened, heirs may seek an accounting by filing with the Register of Wills or Orphans Court.
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