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ALTERNATIVES TO PROBATE
PROBATE. It is the one word that seems to strike fear into the hearts of nearly all Estate Planning and Estate Probate clients. The universal unease is that the probate process is costly, overwhelming, lengthy, and burdensome. Natalie Piscione, the owner of Covelli & Piscione Law Offices, P. C., confirmed that this is a commonly expressed sentiment of clients in her office.
“ Clients, whether they are here for their own estate planning or the recent passing of a loved one, share a common concern: they always want to know whether they can avoid probate.”
Experienced estate planning and probate attorneys have a number of options for clients, depending on their individual situation. Sometimes, though, probate is unavoidable— but those same attorneys will be there to alleviate your fears and reassure you that estate probate can be handled efficiently and effectively.
For certain assets under $ 50,000 in total value, a financial institution may accept a Small Estate Affidavit in lieu of a formal Estate Administration. Please note that this is not a guaranteed method of asset recovery, and its usefulness must be evaluated on a caseby-case basis. However, this method permits the Affiant( typically the person entitled to serve as the personal representative in probate) to execute an affidavit affirming
certain information about the decedent, their assets, and beneficiaries. This affidavit can be presented for the liquidation and / or release of certain assets.
And while there is nothing in the Pennsylvania Estates and Fiduciaries Code that requires acceptance of these documents, they can be an effective, expedited means of distribution in certain circumstances.
Additionally, Pennsylvania law provides for the release of funds in an amount less than $ 10,000 from a decedent’ s bank account to the next of kin with a Death Certificate and receipted funeral bill. The law also provides for the transfer of a vehicle title to a spouse without the need for probate.
For decedents whose only asset is an interest in real property— in some circumstances, with the agreement of all heirs— an Heirship Deed can be utilized to transfer the property from the decedent into the names of the heirs. Similarly, there may be some circumstances, such as the transfer of oil and gas interests, where an Affidavit of Heirship will permit a transfer to the heirs without a formal estate or court order.
Ultimately, the best way to prevent probate is through proper lifetime estate planning.
The team at Covelli & Piscione Law Offices, P. C. is available to address all of your estate planning and probate needs.
Attorney Natalie Piscione is a member of the National Academy of Elder Law Attorneys, and has been providing Estate Planning and Estate Administration legal services for nine years. The team of attorneys at Covelli & Piscione Law Offices is experienced in several areas of the law. For more information, call 412.653.5000 or visit covellilaw. com.
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