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EXECUTOR ERRORS : COMMON PROBATE PITFALLS AND HOW TO AVOID THEM
You have been named as the Executor in the
Last Will and Testament of a loved one . In the days following their passing , you face a myriad of challenges as you manage your own grief , interact with family & friends , and make final arrangements . In order to help you navigate this challenging time , the experienced Probate Attorneys at Covelli & Piscione Law Offices have compiled a list of common mistakes made by Executors and Administrators . The most common pitfall we encounter is one that may have significant financial and legal ramifications — waiting too long to open the Estate . Executors and Administrators who delay opening the Estate face some additional hurdles preventing an effective Estate Administration . Not only can delayed administration make an Estate ineligible for the Inheritance Tax Discount provided for payments made within ninety ( 90 ) days of the date of death , but it can also result in the assessment of interest and penalties if taxes and other outstanding obligations are not addressed in a timely fashion . Certain tax deductions may also be lost or waived . Often , waiting too long to open an Estate is a result of the second pitfall , which is attempting to administer Estate Assets without formally opening an Estate with the Court . It is best to consult with an experienced Probate Attorney to determine your options to administer an estate , and whether a formal estate must be opened at all . Often , we encounter the issue of real estate titled in the name of a decedent who passed away several years ago , which typically requires a formal estate in order to
transfer the property . This causes problems that may be difficult and costly to resolve .
Distributing Property too early is another pitfall that Executors and Administrators sometimes encounter . Often , pressure from other heirs coupled with a desire to expedite the Estate Probate process can lead Executors and Administrators to distribute the entire Estate Property too soon . Creditors have one year from the date of advertising to file claims against the Estate . There can also be outstanding Inheritance Tax or Income Tax liability owed from the Estate . If the proceeds of the Estate are distributed early , it can be difficult to obtain reimbursement from heirs in order to address these valid expenses .
Failing to keep records of expenditures incurred on behalf of the Estate is another common pitfall . Many Executors advance costs or incur out-of-pocket expenses in the Administration of the Estate without realizing that they may be entitled to reimbursement of the funds . In some instances , the expenses may also qualify as deductions on the Pennsylvania Inheritance Tax Return .
An experienced Probate Attorney can help you avoid these pitfalls and more . At Covelli & Piscione Law Offices , we have a team of experienced Estate Probate Professionals to assist in every aspect of the Probate Process .
For more information on Covelli & Piscione Law Offices , go to Covellilaw . com , or call 412.653.5000 . Covelli & Piscione Law is located at 357 Regis Avenue ( across from the Pleasant Hills-West Mifflin Post Office ).
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Joe Covelli has over 40 years of legal experience and is a member of the National Academy of Elder Law Attorneys and the Estate Planning Council of Pittsburgh . Attorney Natalie Piscione has been providing Estate Planning and Estate Administration legal services for 8 years . Together they lead a team of attorneys in several areas of the law . For more information , call 412.653.5000 or visit www . covellilaw . com .
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