When the executor, administrators and beneficiaries have all collaborated in managing the estate, the finalizing process must be completed in order for everything be closed and officially over. Closing an estate must occur in order for the process to be complete and generally there are two methods to properly close an estate. Your Bucks County estate lawyer will best be able to evaluate and determine which method is most likely to work for your estate and advise how to proceed.
This is the simpler of the two methods because there are no judicial proceedings. This requires the preparation of a contract that details every distribution that has been made. When all heirs and administrators are in agreement on the status of the estate, the family settlement agreement is certainly the reasonable approach.
To finalize the estate closing, the family settlement agreement should include provisions satisfying future creditors as well. Otherwise, tax season could mean some major headaches. Ensuring a payment to IRS and PA Department of revenue is extremely important when closing in an estate; these entities and other creditors must be handled properly. Having an experienced Bucks County estate lawyer could be a critical component to estate closing as there are many elements to satisfy; the agreement should be inclusive of every consideration.
The other method is to file an estate accounting with the Orphans court. For more details on what this requires, see: Estate Accounting.
These methods are efficiently handled when an executor hires the right Bucks County estate lawyer. Estate closing is a comprehensive and time consuming process that demands accuracy. Call (215) 486-8171 to schedule a consultation with the trusted estate lawyers at the Law Offices of Michael Kuldiner, P.C.