Legal Question in Wills and Trusts in Pennsylvania
My mother recently passed away. There was no will. She did not own any property. There is a investment account with the children being the beneficiaries. Also, there is a life insurance policy with the children being the beneficiaries. Is it necessary to have an administrator? My assumption is that there really is no estate. Am I off track? Thanks.
1 Answer from Attorneys
if all the assets are non probate assets ppassing by operation of law then you may not have to open an estate. However you still may have to pay inheritance taxes and file an inheritance tax return. For peace of mind I reccomend you review the situation with an attorney to see what is needed in your particular case. By the way there are time periods by which any inheritance tax is due nine months from date of death. Penalties and interest then may accrue. Also there are deductions you may be entitled to take on the inheritance tax return to reduce the liability for taxes.
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