Helping Seniors & Families
Plan For Their Future
Feasterville, PA
215.396.1001
Doylestown, PA
215.345.5858

Estate Planning

Estate Planning Management

The administration of the estate can be completed either formally or informally.  Under the formal method, the Personal Representative prepares and files with the court an accounting of his or her administration.  Notice is given to all interested parties and they have the opportunity to appear before the court and object to the accounting.  After the court issues its decree, the Personal Representative distributes the assets to the beneficiaries.

Under the informal method, the Personal Representative prepares a Family Settlement Agreement and informal accounting.  Once all the beneficiaries and any other necessary parties have signed the agreement, the Personal Representative can distribute the assets and avoid the additional costs and delay of a formal accounting.

Personal Representative or Executor

A Personal Representative (often called an Executor) is the person who is designated to manage the Estate Administration process.  Their responsibility includes initiating the Estate Administration process, notifying all interested parties, managing the assets, paying all of the estate’s debts, and distributing assets to beneficiaries.  The Personal Representative works closely with the attorney throughout the process.  The Personal Representative can be paid a reasonable fee for his or her time and effort in administering the estate.

In most cases, the Personal Representative will not be personally liable for any estate expenses, including the payment of taxes.  You would, however, as part of your fiduciary duty, be responsible for paying all estate expenses from the assets of the estate.  If there are not enough assets to pay all estate expenses, the Government of Pennsylvania determines the priority of the expenses to be paid.

Do you or a loved one need an estate planning attorney? Gummer Elder Law can guide you through the process. We serve seniors in Bucks County, PA.