David M. Frees III on Information About Gifting At The end of The Year
Everyone wants to avoid probate.
The probate system is viewed as slow, expensive, and too public.
But sometimes, if you’re an executor, you really want and need the probate system and the orphan’s Court judge.
The truth is, that most of the estates where the executor hires us to do the administration, and to keep them out of trouble, we are also able to keep them out of the probate system and the probate court.
We often settle estates, where the beneficiaries are cooperative by using a family settlement agreement. This saves the family and the heirs time, and money and at the same time protects the executor from being sued later.
But, there are five times when the executor to be fully protected and to avoid liability needs AND WANTS the Probate Court.
When should you use the probate court? When does it actually make sense to go through the probate process for your own protection? Read this article on the Five Times When You Really Want To Probate A Will. Oh, by the way, for reasons that I cannot fully explain, there are some reports appearing at the top of the page. If you’re interested in when to avoid probate and when to actually use probate, just scroll down to the article. It is worth it.
David M. Frees III
610-933-8069
Call Donna or Denise for an appointment or Telephone consultation with David M. Frees III
Who Will Initiate Probate: Probate is the court adjudicated process that an Executor or Administrator follows in the estate of someone who dies in Pennsylvania (PA). The Executor is a person or trust company named in a will. The Administrator is a person or trust company appointed by the Court where no will exists, Where there is a will that does not name an Executor or where the will names an Executor(s) who refuses or fails to act. Generally, the intestate beneficiaries or their appointees will have the first option to act as Administrator if one of the above circumstances were to arise.
What You Need To Start Probate: The basic requirements are the original will where one exists, original death certificate, Petition for Probate and Estate Information Sheet often prepared by the Attorney/Lawyer for the estate, check for probate fees paid to the Register of Wills, renunciations if necessary and witness affidavits if the will was not notarized.
Once the Executor/Administrator Has Been Appointed: The remainder of the estate administration and probate requirements for PA will have to be followed. Among the requirements will be notice to the beneficiaries, periodic status reports to the court, gathering information for preparation and filing the PA inheritance tax return and federal estatate tax return (where necessary). Obviously each estate is different and the work necessary for completing the estate administration will vary from case to case. We will provide you with follow up postings about the probate process and ways to avoid potential problems and issues once you are appointed as the Executor/Administrator.
by Douglas L. Kaune, Esquire
Estate Planning & Administration, Wills, Trusts, Asset Protection, Elder Law
Unruh, Turner, Burke & Frees, P.C.
Phoenixville, Malvern, West Chester PA
Pennsylvania Attorney
dkaune@utbf.com PH: 610-933-8069
Historically, executor fees in Pennsylvania and how much can be charged by an executor, have been governed by fee guidelines as opposed to state statutory fees. For a review of a common fee guideline, see my article on the Johnson Estate Guidelines on Executor Fees.
As a result, the probate courts have always had the ability to review and to reduce fees that the judge felt were unreasonable. Courts have been especially willing to do this in cases involving disabled persons and minors.
Likewise, the family and beneficiaries have often requested that an executor charge lower fees than might be permitted where the estate administration is simple. This does occasionally result in some tension with the executor as beneficiaries who have never been an executor assume that all estates are simple. The reality is, that , estates with businesses, closely held stock, real estate and/or many beneficiaries can be very difficult and time consuming.
But, if you would like to know the identity of a very powerful party that has an interest in reducing executor’s fees then see my recent article in www.paestateplanners.com. To see the article on executors fees in Pennsylvania just click this link.
David M. Frees III
David M. Frees III writes extensively on the issues facing executors and trustees and advises banks, trust companies, and individuals on the issues involved in estate and trust administration in Pennsylvania.
For an appointment or telephone consultation call David’s assistants/paralegals at 610-933-8069
If you are an executor, or, if you are trying to decide who to appoint as an Executor, make sure to order and read this important report for executors by David M. Frees III.
This report examines the most common mistakes executors make and how to avoid them.
Because the estate’s entire tax liability is generally due to be paid to the IRS and the Pennsylvania Department of Revenue within 9 months of a person’s death, executors can find themselves without sufficient liquidity to pay for such inheritance taxes and estate taxes.
David M. Frees III on Paying For Estate and Inheritance Taxes
These taxes are also often due just when the executor is paying for lifetime tax liabilities, funeral expenses and various administrative expenses.
How do you plan for such tax payments to avoid interest and penalties?
I recently did two articles covering these issues.
To read more about paying for federal estate taxes and Pennsylvania inheritances taxes, click these links:
David Frees Chairs the Trust, Estate, and Wealth Preservation Section of
Unruh, Turner, Burke and Frees
His practice focuses on estate planning, wills, trusts, asset protection,
and in representing the owners of family businesses, and the directors and officers
of public and privately held corporations.
If you are an executor of a Pennsylvania estate, read this artcile before you hire counsel. The one thing that families, beneficiaries and executors all want is to minimize the costs of probate and even administering a trust or estate not subject to probate. Most firms still charge according to fee guidelines, or on an hourly basis. For many reasons, this may not be in your best interest. Find out more about flat fees for estate lawyers and probate.
David M. Frees III, Esquire
Chairman
Trust, Estate, and Wealth Preservation Section David Frees’ AVVO Rating
610-933-8069
This Post was written by:
Douglas L. Kaune, Esquire
dkaune@utbf.com
610-933-8069
Many of us have multiple email address, online bank and stock accounts and conduct social and business activity through sites such as LinkedIn and Facebook. I also have a significant number of clients who have business related websites that are responsible for generating a great deal of revenue.
We do not necessarily want to make our family members and loved ones aware of all of our accounts, online activities and passwords during our lifetimes. However, it will be very important for our Executor, Trustee or beneficiaries to gain access to this information so that they can either continue to manage our business interests or conclude our online affairs. I recently came accross a website, LegacyLocker.com, which touts itself as an online safety deposit box. The site allows you to store all of your online information so that it can be sent to your appointed recipient at the time of your death. Click on the link above and see if it might solve your online needs.
I recently completed a great new report entitled “The Top Ten Mistakes Executors Make and How To Avoid Them.” This report is great for people who are or will be serving as executors of Pennsylvania estates for the obvious reason that it will help you to avoid personal liability. And, the report is also good if you are thinking about revising your will or estate plan. Why? Well, clients keep telling me that this report really gets them focused on the job and makes it very clear who should and who should not be your executor.
If you’re a Pennsylvania resident, or you might be the executor of a Pennsylvania estate, and you want your own copy (for free) just visit one of my new sites www.paestateplanners.com. Click on the report and it’s yours. It is that easy.
Enjoy the report and please call if I can be of any further assistance.
David M. Frees III, Esquire David’s attorney rating on AVVO is Superb!
610-933-8069
For more information on David and Unruh, Turner, Burke and Frees please click here.
To get estate planning, trust and estate updates as well as information on protecting your heirs and their inheritance from divorce and lawsuits follow me on Twitter. Just click here.
Trust, Estates and Wealth Preservation David M Frees III
In many states, the fees that executors can charge are set by statute. In Pennsylvania, executor fees must be reasonable. They are always subject to court review. In general, many executors charge fees ranging from 1% to 5% of the estates value. The Supreme Court has ruled that a three percent fee is, on the face of it, reasonable, but subject to review.
If you would like more information about what you can charge as an executor, or, what an executor might charge your estate, you can review my article on executor fees by clicking the link to www.paestateplanners.com
David M Frees III, Esquire
For a copy of “The Ten Most Common Mistakes Executors Make and How To Avoid Them” please call one of my assistants and paralegals: Donna,Denise,Whitney, Matt or Tara.
610-933-8069
We have offices located conveniently in Malvern, Phoenixville, and West Chester Pennsylvania and represent clients through out Pennsylvania including such communities as Berwyn, Devon, Chester Springs, Exton, Gladwyn, Philadelphia, Spring City, Royersford, Sanatoga, Reading, Lancaster and many more.
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Who Will Initiate Probate: 
