Legal Question in Wills and Trusts in Pennsylvania
I have a will and I'm executor, all assets are "in trust" for me and my siblings, how do I obtain these assets and do I have to go through probate, also what taxes would be due on these assets?
1 Answer from Attorneys
when you say all assets are in trust, I assume you mean as referred to in the will. If the assets have been place in a trust prior to the beneficiary dying then the trust is already active. If the assets are in a bank account but titled the decedents name in trust for the named beneficiaries they are also non probate assets which pass by operation of law. If they are in the name of a trust for you and the beneficiaries they also would be pass under the terms of the existing trust. If all the assets are in the name of the decedent and the only reference to a trust is in the will then the assets must be transferred to a trust under the terms of the Will which would have to be probated at the register of wills. The tax due depends on your relationship to the decedent. if you are children of decedent inheritance tax would be 4.5% if some other relationship a sibling an uncle or aunt the the tax would be 12%-15% depending on the relationship. Best advice would be to consult with an attorney to review the will and any related documents.