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What Must Be Included in the Inventory of a Deceased's Estate in Pennsylvania?

What Must Be Included in the Inventory of a Deceased's Estate in Pennsylvania?

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:

No, all assets of real and personal property of the decedent, except real estate outside of this Commonwealth, must be included. Please see the following PA statute:

20 Pa.C.S.A. § 3301. Duty of personal representative **Update Notice: This section has been amended by 2010-85

(a) General assets. — Every personal representative shall file with the register a verified inventory of all real and personal estate of the decedent, except real estate outside of this Commonwealth. An ancillary personal representative shall include in the inventory only assets for which he is responsible.

(b) Real estate outside of Commonwealth. — The inventory shall include at the end a memorandum of real estate outside of this Commonwealth. The memorandum, at the election of the personal representative, may indicate the value of each item of real estate included therein, but the values so fixed shall not be extended into the total of the inventory or included as real estate in subsequent accountings.

(c) Time for filing. — The personal representative shall file his inventory no later than the date he files his account or the due date, including any extension, for the filing of the inheritance tax return for the estate, whichever is earlier. Any party in interest in the estate may request the filing of an inventory at an earlier date by writing delivered to the personal representative or his attorney in which event an inventory shall be filed within three months after the appointment of the personal representative or within 30 days after the request, whichever is later. The court may direct the personal representative to file an inventory of estate assets 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.