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What assets must be included in a Pennsylvania probate inventory report?

What assets must be included in a Pennsylvania probate inventory report?

Q: What assets are not subject to probate in Pennsylvania?

Assets not subject to probate in Pennsylvania include those held in joint tenancy, assets in a living trust, life insurance policies with named beneficiaries, and retirement accounts like IRAs and 401(k)s. These assets transfer directly to the beneficiaries without going through the probate process.

Q: Which of the following assets do not go through probate?

Assets that do not go through probate typically include those with designated beneficiaries, such as life insurance policies and retirement accounts, as well as property held in joint tenancy or in a living trust. These assets transfer directly to the beneficiaries, bypassing the probate process.

Q: Which of the following assets are non-probate assets?

Non-probate assets include those that pass directly to beneficiaries without going through probate. Examples are life insurance policies with named beneficiaries, retirement accounts like IRAs and 401(k)s, and property held in joint tenancy. These assets are not included in the probate inventory.

Full question:

In pa, what assests must be listed on the inventory report for probate? Is the inventory just for assets that had no beneficiary listed?

Category: Wills and Estates
Subcategory: Probate
Date: 04/07/2025
State: Pennsylvania

Answer:

In Pennsylvania, all assets of real and personal property belonging to the decedent must be included in the inventory report, except for real estate located outside of the Commonwealth. This requirement is outlined in the Pennsylvania statute 20 Pa.C.S.A. § 3301.

The inventory must contain:

All real and personal estate of the decedent.
A memorandum of any real estate outside of Pennsylvania, which may include its value if the personal representative chooses to do so. However, these values should not be included in the total inventory or subsequent accountings.

The personal representative must file the inventory by the earlier of the due date for the inheritance tax return or when they file their account. If requested by any interested party, the inventory must be filed within three months after the personal representative's appointment or within thirty days after the request, whichever is later. The court can also direct the filing of an inventory at any time.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What is exempt from probate in Pennsylvania?

In Pennsylvania, certain assets are exempt from probate. These include assets held in a living trust, life insurance policies with named beneficiaries, retirement accounts like IRAs and 401(k)s, and joint tenancy property. Additionally, small estates valued under $50,000 may qualify for simplified probate procedures. These exemptions help streamline the transfer of assets outside the probate process.

What assets go through probate in Pennsylvania?

In Pennsylvania, assets that typically go through probate include the decedent's personal property, real estate located within the state, and any assets solely in the decedent's name without a designated beneficiary. This process ensures that debts are settled and assets are distributed according to the decedent's will or state law if there is no will.

What assets are not subject to probate in Pennsylvania?

What is included in a PA estate inventory?

A Pennsylvania estate inventory includes all real and personal property owned by the decedent at the time of death, excluding real estate located outside the state. This encompasses bank accounts, vehicles, personal belongings, and any other assets that the decedent owned. The inventory helps establish the estate's value for probate purposes.