Probate is the process by which the court administers the estate of a person who has passed, and settles all unresolved issues as well as oversees the distribution of any remaining property. Probate includes Estate Administration, Estate Taxes, Orphans’ Court Representation.
Have you ever said or overheard someone else say I do not need a Will, Power of Attorney or Advance Care Directive? By not engaging in estate planning you are allowing laws enacted by the legislature to make your decisions.
This article specifically addresses the Pros and Cons of accounts that are titled ‘Joint Tenant with Rights of Survivorship’, (JTWROS). An account, titled in two or more persons’ names that have rights of survivorship, is jointly owned by those individuals.
There is a common misconception that all real and personal property will pass through an individual’s estate upon his or her death. Though, some assets avoid the probate process altogether depending on how the property is titled.
Estate and “death tax” planning must be undertaken in a way that also educates the client. In this way, the client understands the applicable laws, how those laws will impact their ultimate goals or how they may lower or increase the potential taxes occasioned at death.