Estate Law Questions? Ask an Estate Lawyer.
As executrix of an estate in Pennsylvania, how long must I wait to distribute assets (cash)? Everything has been completed including Inheritence Tax Return, Final Individual Tax Return, and Status Report under Rule 6.12. Letters of Administration were advertised from July 6 through July 24. I assume the idea about the waiting period is that no claims can be made against the estate after this period.
Hello, and thanks for submitting this question. That is correct about the time period for creditor's claims. The time for filing claims in a PA estate is one year from the date of first publication, so in your case that would be July 6, 2013. Here is a handy guide and time frame for administering a PA estate. http://evans-legal.com/dan/easched.html It appears that you are far ahead of this schedule. I don't see any minimum time that the estate must remain open, but usually, fiduciaries will wait the maximum time for creditors claims to pass before closing the estate. You can file either a formal accounting and petition for final distribution or an informal closing statement depending on the type of estate proceeding you have, but depending on your own personal relationship with the heirs and knowledge of the decedent's circumstances, it would seem that you can file the accounting anytime, but the court might want the year to pass before ordering the estate to be closed. I hope this Answer is helpful and that you will give it a positive rating. If you have any follow up questions please send back a Reply. You should consult a local attorney to verify that this information is accurate for your state. Thank you for using Pearl.com- Just Answer. We appreciate your business.
Thank you for this information. Your statements begins with "...time for filing claims in a PA estate is one year from the date of first publication..." but then the closing sentences indicate "You should consult a local attorney to verify that this information is accurate for your state." So I need clarification: is the information you provided for Pennsylvania?
The only question would be if this information is accurate for Pennsylvania, and it appears from your reply that it is.