How to avoid probate of your estate

In order to avoid probate of your estate a good place to start is with a dependable Philadelphia estate lawyer. There are several steps to follow in order to settle an estate when it goes into probate.

One of the most important is choosing a personal representative or executor of your estate. This person needs to be honest, tough and reliable. It is not an easy job as the probate process can sometimes take several years.

The next step is identifying and protecting assets. Account statements and appraisals need to be gathered in order to figure out the final value.

Locating and identifying creditors is an important part of the process. Creditors need to be notified of the descendents death and accounts need to be settled. Depending on local state it may be required by law to publish a notice in the local newspaper to notify unknown creditors.

A final income tax return needs to be filed. There can also be several other taxes to handle. If the estate earns any income, an estate income tax return also needs to be filed. After all the taxes have been filed and paid, the balance is then paid out to the beneficiaries according to the descendents Last Will.

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