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Ready to close out the trust for my parents' estate in PA.

Customer Question
Ready to close out...

Ready to close out the trust for my parents' estate in PA. what are final steps?

Lawyer's Assistant: What documents or supporting evidence do you have?

Trust document plus I could draw up an accounting of asset disbursements to my brothers and me

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No, just need to know what is required in Pennsylvania

Submitted: 7 months ago.Category: Estate Law
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Answered in 11 minutes by:
12/13/2017
Estate Lawyer: LegalGems, Attorney replied 7 months ago
LegalGems
LegalGems, Attorney
Category: Estate Law
Satisfied Customers: 13,617
Experience: Private Practice; Elder Law Attorney; Estate Planning; Attorney Mentor
Verified

Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

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Estate Lawyer: LegalGems, Attorney replied 7 months ago

My sympathies for your family's loss;

there are 2 options to close out a trust in PA.

The first is to petition the court for a court decree discharging the trustee from further liability. This will require the trustee to file a Fiduciary Accounting that the court will review; once the decree is entered the fiduciary is absolved of future liability.

Option 2: Draft a Private Family Settlement Agreement with the beneficiaries which releases the trustee from further liability. This is typically accompanied by an accounting.

The idea of each is that the trustee is released from future liability as a result of any trustee action.

Most trustees will hire an attorney to ensure the release and accounting cover all of the assets and concerns and to ensure the tax liability (http://www.revenue.pa.gov/FormsandPublications/PAPersonalIncomeTaxGuide/Documents/pitguide_chapter_14.pdf) are adequately addressed.

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Estate Lawyer: LegalGems, Attorney replied 7 months ago

Hello again; just checking in to see how things worked out;

If you have no further questions a positive rating is most appreciated (at no additional cost to you) and allows the site to credit my account for the time spent assisting you!

if you have further questions please don't hesitate to reach out to me here on Just Answerand I will do my best to get you the requested information.
Thanks!

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