Executors Year Estate Settlement

Summary

In Pennsylvania, the executor has one year from the decedents death to settle the estate, including selling assets. Inheritance tax on a house depends on its fair market value and the relationship between the deceased and the inheritor, with rates ranging from 0% to 15%. Inheritance tax is typically due within nine months, but extensions may be available. Executors may need to pay a probate filing fee, which varies based on the estate size. For legal assistance, contact the Pennsylvania Bar Associations Lawyer Referral Service. Estates valued under $50,000 may qualify for simplified probate.

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Wendy
Hello Wendy, it appears you're seeking guidance on estate settlement in Pennsylvania. For such matters, the executor generally has one year from the decedent's date of death, known as the "Executor's Year", to settle the estate and sell all the assets. However, complex cases might require more time.
What determines the inheritance tax on the house ?
Inheritance tax on a house in Pennsylvania depends on:
- The fair market value of the property at the time of death.
- The relationship between the deceased and the inheritor. Rates vary from *% (spouse) to *% (non-family).
Please consult a local attorney for detailed information.
If I have lived with deceased for 45 years and I also am the only beneficiary and the executor would I have to pay the inheritance tax all at once
In Pennsylvania, inheritance tax is typically due within nine months of the decedent's death. However, extensions may be available. It's advisable to consult with a local attorney or tax professional to understand your specific situation better.
Is there a fee the executor has to pay to the court to become the legal executor?
Yes, in Pennsylvania, an executor may need to pay a probate filing fee to the court. The amount can vary based on the size of the estate. It's recommended to check with your local probate court for the exact fee.
Who would you contact to help find an attorney that would be able to help me
You can contact the Pennsylvania Bar Association's Lawyer Referral Service. They can assist in connecting you with a local attorney who specializes in your type of legal issue. It's always advisable to seek professional legal advice for complex matters.
If the debt is less than *$ would that make any difference
Yes, the amount of debt can impact the estate settlement process. In Pennsylvania, if the decedent's estate is valued under $*,* (after funeral expenses and excluding real estate), it may qualify for a simplified probate process. However, it's best to consult with an attorney for specific advice.