Estate Administration: As Executor, Do I Have to File a Formal Account Seeking Court Approval to Close Out the Affairs of the Estate?

A lawyer and old woman discussing Estate Administration

No.  Absent a contested issue and/or disagreement with the beneficiaries, the preferred approach is for the executor and beneficiaries to amicably enter into an informal Family Settlement Agreement.  The executor provides the beneficiaries with an informal accounting regarding the affairs of the estate, including identifying the assets, debts, and expenses of the estate (including attorney fees and executor’s commissions).  This usually includes providing a copy of the Pennsylvania Inheritance Tax Return and the Department of Revenue’s review of the Return.  This also includes a schedule of distribution indicating the share each beneficiary shall receive.

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Considerations For Thoughtful Estate Planning

man working on an estate plan

When contemplating an estate plan it is important to remember that a Last Will and Testament is only one tool in the overall approach to a successful estate plan.  Assets distributed pursuant to a decedent’s will are assets in the sole name of the decedent at the time of death.  There are other methods of distributing wealth in the event of death.  Assets distributed “outside” the will are commonly referred to as “non-probate” assets.  Some examples of non-probate assets are:

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What is the difference between a power of attorney and a legal guardian?

power of attorney vs guardianship

            An individual, referred to as the Principal, appoints an Agent or Agents in a power of attorney document to conduct certain actions on behalf of the Principal.  The power of attorney may be very limited or broad in scope and may include authority to make financial transactions and health care decisions.  The power of attorney may be effective immediately or may commence upon the occurrence of a specific event such as a physician certifying that the principal can no longer conduct his or her affairs.  

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What is an Emergency Guardianship?

emergency guardianship

            The Court may appoint an emergency guardian when it appears that an individual lacks capacity, is in need of a guardian, and failure to make such an appointment will result in irreparable harm to the person and/or estate of the alleged incapacitated person (note the term “incompetent” is no longer used in guardianship matters).  In seeking the appointment of an emergency guardian, a person or institution, such as a hospital or nursing home, files a Petition for the Appointment of an Emergency Guardian with the Court and a hearing is scheduled on the merits of the petition.

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I was just appointed guardian for my mother; now what?

guardian

The First Steps

            The Court has entered a decree adjudicating your mother an incapacitated person and appointing you as plenary (permanent) guardian of her person and estate.  Now your work as a guardian begins.  The first steps in navigating these unchartered waters is to a take a deep breath and review the Court’s decree which sets forth, in part, your duties and responsibilities as guardian.  Generally this decree will order you to file with the Court an inventory (a “financial snapshot”) regarding your mother’s assets; and to file a copy of your mother’s will (in a sealed envelope) within 90 days of the date of the decree.  

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