Understanding The Difference Between Probate And Non-Probate Assets

 

When a person passes away, a question arises as to what happens to the assets that were owned by the decedent?  Ideally, an estate plan has been put in place before death, so that the decedent’s wishes will be honored regarding the future of those assets.  An effective estate plan recognizes the difference between probate and non-probate assets, which will streamline the process and reduce potential complications.

Probate Assets

Probate assets are those that must go through the probate process in order to be distributed to heirs or beneficiaries. This legal process involves proving the validity of a Will, settling outstanding debts, and distributing assets according to the deceased person's wishes or, in the absence of a will, according to Pennsylvania's intestate succession laws.

Any assets solely owned by the deceased person typically go through probate. This includes real estate, bank accounts, vehicles, and personal property that were not held jointly with another person or designated with a beneficiary.

Simply put, in probate, the deceased person’s assets are collected and accounted-for, debts and taxes are paid, property is distributed to beneficiaries, and the estate is settled. Our top probate lawyers begin the process by filing a petition with the Register of Wills in the Pennsylvania county where the deceased person resided at the time of death.

Non-probate Assets

Non-probate assets are things that do not need to go through a special legal process when someone passes away. These are assets that are set-up in a way that they automatically go to the people who are supposed to get them, without going through the probate process. Here are some common examples:

Jointly Owned Property: If someone owns something like a bank account or a house with someone else, and they both have rights to it when one of them passes away, the other person automatically gets the whole thing.

Retirement Accounts: Money saved in retirement accounts, like 401(k)s and IRAs, usually has a specific person named to get it when the owner dies. It goes directly to that person without needing probate.

Life Insurance Policies: When someone has a life insurance policy, they choose who should get the money when they die. That money goes directly to the chosen person without going through probate.

Payable-on-Death (POD) Accounts: Some bank accounts or investments let you name someone who will get the money when you pass away. It goes straight to that person without probate.

Trust Assets: If someone puts their things in a special legal arrangement called a trust, those things do not have to go through probate. They are managed and given out according to the rules of the trust, which can keep things private and might have tax benefits.

These non-probate assets help make sure that the right people get what they are supposed to have when someone passes away, and they can avoid the sometimes slow and expensive probate process.

Remember, Non-probate does not mean non-taxable. There is a false belief that all non-probate property is non-taxable. This is not true. Even if the property is received due to joint titling or as a trust beneficiary, it still may be subject to Pennsylvania Inheritance Tax. One way to help your loved ones avoid a lot of these problems is to work with a knowledgeable estate planning attorney when creating a will and estate plan.

This blog was originally posted on https://pa4law.com/understanding-the-difference-between-probate-and-non-probate-assets/

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Role of an Executor in Estate Administration

When a loved one passes away, and while the family is fighting through grief, the responsibility of managing the deceased’s estate often falls on the shoulders of an executor. This important role carries significant responsibilities and requires time, attention to detail, and dedication. Understanding the duties and responsibilities of an executor is essential to ensuring the smooth administration of any estate.

Our experienced family estate planning attorneys from Perna & Abracht, LLC can help you understand the role of an executor, the tasks they must undertake, and how to navigate the probate process in Pennsylvania.

Who is an Executor?

An executor is a person appointed by the decedent (the person who has passed away) in their Will to manage their estate after their death. The executor is responsible for ensuring that the decedent's wishes are carried-out according to their Will, handling the probate process, and distributing assets to the beneficiaries. In cases where there is no Will or the named executor is unwilling or unable to serve, the court will appoint an administrator to fulfill these duties.

Duties of An Executor:

Identifying and Gathering Assets

One of the primary responsibilities of an executor is to locate and gather information about all the assets of the decedent. This may include bank accounts, real estate, investments, personal property, and other valuables. The executor must take steps to secure these assets and ensure their proper management during the probate process.

Starting the Probate Process

The initial step in managing an estate involves commencing the probate procedure, which is the legal way of transferring the assets of a deceased individual to their intended beneficiaries. In the Commonwealth of Pennsylvania, this process starts by submitting a formal request to the Register of Wills in the county where the deceased person was residing at the time of their passing. The appointed executor is required to furnish a copy of the Will, a death certificate, and a comprehensive list of the deceased person's assets. Once the Register of Wills approves the Will for probate, the executor will receive Letters Testamentary, granting them the legal authority to represent the estate. Seeking guidance from our experienced estate planning attorneys can help you avoid any potential complications.

Debts and Expenses

Before the assets can be distributed to the beneficiaries, the executor must ensure that all debts and expenses are paid. This includes funeral expenses, outstanding bills, property taxes, and any other debts owed by the decedent at the time of their death. Executors should also be aware of both the Federal Estate Tax and the Pennsylvania Inheritance Tax, which may apply to certain assets passing to beneficiaries. It is essential to consult with an experienced estate attorney to ensure compliance with tax laws and avoid potential penalties.

Preparing and Filing a Final Accounting

After all the assets have been distributed, the executor must prepare a final accounting of the estate. This accounting provides a detailed record of all financial transactions related to the estate, including the assets collected, debts and expenses paid, and distributions made to beneficiaries. The final accounting must be filed with the Register of Wills and, in some cases, may require approval by the court.

Seeking Professional Assistance

Administering an estate can be a complex and time-consuming process. It is essential for executors to seek the assistance of an experienced estate attorney to guide them through the probate process and ensure compliance with all legal requirements. An attorney can provide valuable advice, help avoid costly mistakes, and ensure that the executor fulfills their fiduciary duties, thereby shielding the executor from personal liability.

Conclusion

Serving as an executor is a significant responsibility that requires a thorough understanding of the probate process and the duties involved in managing an estate. By familiarizing themselves with these duties and seeking professional assistance, executors can help ensure the smooth administration of their loved one's estate and the proper distribution of assets to beneficiaries.

This blog was originally posted on https://pa4law.com/role-of-an-executor-in-estate-administration/

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How Ridesharing Services are Reducing DUI Accidents

Driving under the influence of alcohol or drugs is a serious problem in Pennsylvania. According to the Pennsylvania Department of Transportation (PennDOT), there were 8,683 alcohol-related crashes in the state in 2020, resulting in 8363 injuries and 320 fatalities. In 2022, alcohol-related fatalities were 27% of the total traffic fatalities. In the 26 to 30 age group, 41% of the driver fatalities were drunk drivers.

These statistics highlight the dire consequences of DUI, not only for impaired drivers, but also for innocent bystanders who may become victims of these accidents.

An experienced DUI attorney can offer sound advice in case you are charged and guide you through all the procedures.

Ridesharing services have taken the transportation industry by storm, changing the way people get from one place to another. Pennsylvania, like many other states, has seen a significant increase in the popularity of ridesharing services such as Uber and Lyft. Beyond their convenience, these services have also provided a safer alternative to driving under the influence (DUI).

The Role of Ridesharing Services in Reducing DUI Cases:

Convenience: Ridesharing apps are incredibly user-friendly. Users can request a ride with a few taps on their smartphones, and a driver will arrive at their location within minutes. This convenience makes it easy for people to opt for a safe ride home when they have been drinking.

Availability: Ridesharing services are available around the clock, 365 days a year. This availability means that there is always a safe alternative to driving impaired, no matter the time or location.

Affordability: DUI convictions can result in hefty fines, license suspensions, increased insurance premiums, and jail time.  In comparison, ridesharing services offer a cost-effective alternative. Paying for a ride is a small price to pay compared to the financial and legal consequences of a DUI.

Designated Drivers: Ridesharing services can act as a modern version of the designated driver concept. Friends can share a ride or designate one person to use a ridesharing service to ensure everyone gets home safely.

Protections for Passengers: For safety, ridesharing platforms penalize drivers if they are found to be under the influence of any substance, and most vehicles are equipped with SOS features.  These safeguards enable you to have peace of mind while availing yourself of a ride.

Public Awareness: Ridesharing companies often partner with local governments and organizations to promote responsible drinking and to provide safe alternatives. These partnerships raise awareness about the dangers of DUI and the availability of ridesharing services.

Conclusion

Despite the evidence suggesting that rideshare services can reduce the occurrence of drunk driving accidents and severe injuries, there are still individuals who make the bad and costly decision to drive under the influence. Although anyone can make mistakes, some mistakes have more profound negative consequences, impacting not only your life but also the lives of others.

If you or a loved one has been impacted by a DUI accident, you do not have to go through it alone. We serve clients throughout Southeastern Pennsylvania and Northern Delaware. Contact our Chester County criminal defense attorneys online or call 610-708-1970 to schedule a consultation with an experienced DUI attorney today.

This blog was originally posted on https://pa4law.com/how-ridesharing-services-are-reducing-dui-accidents/

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5 Qualities to Look for in a Skilled Criminal Defense Lawyer

From the moment you become entangled in the criminal justice system, navigating it can be a complex and burdensome ordeal. When confronted with criminal charges, it becomes paramount to secure legal representation for your defense. Yet, the search for the right criminal attorney can be an intimidating task.

Acquiring legal representation extends beyond having someone to speak on your behalf in a courtroom. It is essential to ensure that your attorney possesses the requisite skills, knowledge, and a profound understanding of the criminal justice system, guaranteeing you receive sound advice and dependable representation.

Here are five essential qualities to look for in a skilled criminal defense lawyer:

1. Experience

Criminal defense is one of the most-complex areas of legal procedures, making experience crucial in the world of criminal defense. Look for a criminal defense lawyer with a proven track record of handling cases similar to yours and who is known for the same. This experience demonstrates the attorney’s familiarity with the local legal system, judges, and prosecutors. It can be a significant advantage when strategizing your defense.

2. Expertise

Criminal law varies from state to state. As a non-lawyer, it is not common for a criminal defendant to be aware of all the intricate details of state laws. A skilled criminal lawyer in Pennsylvania who specializes in criminal defense and has a deep understanding of both state and federal laws, as well as Pennsylvania-specific regulations, will be invaluable in building a strong defense strategy tailored to your case.

3. Effective Communication

Effective communication is key when working with a lawyer. Look for an attorney who can explain legal concepts clearly and concisely, ensuring that you fully understand your rights and options. A good criminal defense attorney should also keep you informed about the progress of your case, promptly returning your calls and emails.

4. Client Reviews and References

Before making your decision, do your homework. Check online reviews and ask the attorney for references from previous clients. Hearing about others' experiences with the lawyer can provide valuable insights into the attorney’s professionalism, reliability, and success rate in handling criminal cases.

5. Approachability and Caring Attitude

If you have been a victim of a sexual assault, you might feel anxious and traumatized and may need some time to recover to some extent. Consulting an approachable and understanding sex crimes lawyer may give you the motivation you need and also guide you through the steps with utmost care and support.

Our Defense Attorneys are Experienced Trial Lawyers, Former Prosecutors, and Former Public Defenders

Our attorneys will present an aggressive defense beginning with the preliminary hearing and continuing through a trial to clearly and effectively counter the accusations the prosecution has brought against you. We understand how to present evidence in your favor, effectively counter evidence against you, question witnesses, and create strong arguments that may convince a judge or jury of your innocence. At Perna & Abracht, LLC, we care about you and the outcome of your case. Regardless of the type of charges you may be facing, we always ensure that all of our clients receive the best legal counsel and outcome possible.

This blog was originally posted on https://pa4law.com/5-qualities-to-look-for-in-a-skilled-criminal-defense-lawyer/

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