Estates, Inheritance Assets & Probate Law in PA

May 25, 2019 8:33 am Published by Inheritance Loans USA

If you are an heir of an estate in probate or a trust beneficiary in Pennsylvania, and you wish to receive inheritance advance funding, with low inheritance advance or probate advance rates – you are in the right place. You also want to make sure you are on the same page as your estate lawyer – and remain aware of any new probate laws in Pennsylvania.

Inheritance Funding: “Probate Advance” versus “Inheritance Loans”

Most heirs and beneficiaries in Pennsylvania prefer to call this type of transaction a “probate loan” or “inheritance loan”, despite the fact that this is actually an inheritance cash advance assignment… Moreover, many heirs would rather get inheritance funding or a probate advance – what many heirs these days call inheritance loans or probate loans from inheritance lenders – from their parents… if their parents are still living. Yet, if inheritance advance funding from living parents, or perhaps one surviving parent, is not possible, if both parents have passed away – heirs in Pennsylvania will frequently get an advance on inheritance, what heirs also refer to as an “estate loan”. or “borrowing against inheritance” to get inheritance advance funding through advance inheritance or probate advance funding, from a probate cash advance company – instead of being able to get those type of advance inheritance funds from living parents, which, obviously, is more personal and gratifying. This generally would be from one of the more established inheritance advance funding companies, often with a 72 hour probate advance; what many heirs view as “…the best inheritance advance funding available” – which, for heirs, also means inexpensive inheritance advance funding… from a fast inheritance advance company.

How Can You Get a Probate Advance or Inheritance Advance from an Inheritance Funding Company, if you’re an Heir in Pennsylvania?
Although there is not an experienced inheritance funding company actually based in Pennsylvania, inheritance funding is, initially, a virtual process, which also utilizes phone, email and fax. So it really doesn’t matter. Any top of the line inheritance funding company is located on Google, and proceeds online with their inheritance funding process shifting to phone and email to conclude the process. Any worthwhile inheritance funding company is national, even though your probate and inheritance laws are somewhat unique to Pennsylvania, you can access inheritance money on a national basis, from inheritance lenders, despite the fact that you may be based in the state of Pennsylvania. Inheritance cash advances are simple and fast, as long as it’s from an established probate cash advance or “inheritance loan” (as most heirs will call it) inheritance funding company – such as My Inheritance Cash. Regardless, most heirs will try to lock down low inheritance loan fees, as they call it, or probate advance rates, and avoid any hidden charges, up-front fees, monthly payments, compounding interest; credit report or credit score, which they do avoid with My Inheritance Cash.

How Can You Get Approved Quickly For an Inheritance Advance or Probate Advance? What Heirs Refer to as an Inheritance Loan
Document and paperwork requirements are always simple, to get approved for a probate advance or inheritance cash advance in Pennsylvania, from My Inheritance Cash – what many heirs and beneficiaries still refer to as an “inheritance loan” or “probate loan”. You just need a valid Photo I.D., you need documentation proving you are a valid heir of a Pennsylvania estate… plus proof of inheritance assets, real property, liquid assets and personal property; plus the total amount you will be receiving as an inheritance.

In Which PA Counties Are Inheritance Cash Advances Available?
Inheritance advance transactions are available in all 67 counties in Pennsylvania. Discounted estate cash advances and probate advances with standard pricing, for heirs of Pennsylvania estates. Local government in Pennsylvania consists of those 67 counties. 7 counties operate under “home rule charters”, such as Allegheny, Delaware, Erie, Lackawanna, Lehigh, Luzerne and Northampton.

How Can You Tell If You Qualify for an Inheritance Advance in PA?
It is usually easy to figure out if you qualify for inheritance cash advance funding in Pennsylvania, for an inheritance cash advance or probate advance, based on property or liquid assets. Besides relevant documentation, you must be an heir to an estate within the USA or Canada; you must be at least 18 years old – with an inheritance valued at $15,000 or more, with some exceptions on a case by case basis. Once you qualify, and actually receive advance inheritance money, you can, as a valid heir to the estate, use probate advance cash or inheritance advance funds in any way you wish.

The critical matter for heirs of estates in Pennsylvania is determining what the true value of their inherited real estate is – whether it’s possible to be approved for inheritance advance funding based on enough liquid assets in the estate… or, if there is probate property that is for sale, determining if it will sell at all, and if so approximately when the property may reach a closed deal with a serious buyer. Usually with a fast paced, comparatively low-cost inheritance advance or estate advance company. Or, as is occasionally the case, with several inheritance advance companies with inheritance advance service that offers not only affordable rates, compared to other similar online services – yet also provides advance inheritance funds viewed as “fast inheritance cash advance funding”. Typically, inheritance advance funding takes no more than a day or two, sometimes three days – so the speed factor is rarely an issue for heirs these days.

My Inheritance Cash probate advance transactions are carefully structured so that heirs can access inheritance money as quickly as possible, usually within a day or two – or at the most, with a 72 hour probate cash advance, before probate closes, so heirs can use the money as they wish, within a relatively rapid timeframe… Making it possible, for example, to hire their own personal estate lawyer; or to invest in financial opportunities that may only have a brief window of opportunity; or to pay for urgent and essential medical services that may be required immediately… Or to pay off scary debts; or resolve critical emergencies like a foreclosure. There is no end to the reasons heirs may have to use advance inheritance money for.

Is a Pennsylvania Inheritance Advance a “Cash Assignment”, or is it an “Inheritance Loan”, an “Estate Loan”, or a “Probate Loan”?
Inheritance cash advance assignments in Pennsylvania are not technically interest bearing loans, so there is no risk of recourse for non-payment. Heirs who are getting advance inheritance money from one of the several inheritance cash advance funding companies serving Pennsylvania are not personally responsible for repayment. Commonly, consumers will call inheritance cash advance assignments inheritance loans, inheritance advance loans, probate loans, estate loans, or probate advance loans – however, we believe it is important to note the difference. Clients of inheritance advance funding firms do not technically “borrow against inheritance”; and do not actually “get a loan on inheritance.” Fast inheritance advance companies, or discounted probate advance firms, do not technically provide inheritance loans, probate loans or estate loan service to clients. Their probate cash advance service is in effect providing non-interest bearing, non-recourse, inheritance cash advance assignments.

Inheritance Law in Pennsylvania

Pennsylvania is one of six US states to impose an inheritance tax. Otherwise, inheritance laws are fairly standard. There are also tight restrictions around what defines a valid will in Pennsylvania, so you have to know what you’re doing – and your estate attorney must know what he or she is doing. Besides expertise from an experienced estate lawyer or law firm, some heirs will get inheritance or financial advice from a nearby financial advisor who frequently works with heirs of estates or trust beneficiaries, such as SmartAsset.com, one of the few firms that specifically matches up heirs or beneficiaries with appropriate advisors. Financially, it is often worth the extra effort.

Does Pennsylvania Impose Inheritance or Estate Tax on Heirs?

Pennsylvania does have an inheritance tax. This is served not on estates, but on specific inheritance assets going to all of a decedent’s heirs, excepting co/jointly owned property. There is not an estate tax in Pennsylvania. The rates for the inheritance tax range from 4.5% to 15%, depending on the exact situation. What you’ll have to pay and when is listed below:

Additional Tax Filings

The Pennsylvania inheritance tax isn’t the only applicable tax for the estates of decedents. There are other federal and state tax requirements an executor will need to take care of, like:

Final individual federal and state income tax – each due by tax day of the year following the individual’s death
Federal estate/trust income tax – due by April 15 of the year after the decedenet’s death
Federal estate tax – due nine months after the individual’s death, though an automatic six-month extension is available if asked for prior to the conclusion of the nine-month period. After 2018, this is required only of estates that exceed a gross asset and prior taxable gift value of $11,180,000

A decedent’s Social Security number does not serve to identify his or her estate as well, so those who manage the estate must register for an employer identification number (EIN).

Dying With a Will in Pennsylvania

Pennsylvania currently has some of the strictest laws that constitute what a valid, or testate, will is in the United States. While a testate will does not have to be notarized, it cannot be handwritten or communicated verbally. As usual, a minimum of two witnesses must sign your will, confirming that they present at the time of your signature on the will.
Aside from the typical naming of heirs for certain types of property, a testate will has to include the naming of an estate executor, or a personal representative. The main responsibilities of this person include making sure your estate planning wishes are met, and that your estate’s assets pay off any outstanding debt, or any final expenses you may incur.

Dying Without a Will in Pennsylvania

While less than ideal, some individuals are bound to pass away without having created a testate will. If your estate falls under this category, the state will label it intestate and enact laws governing the inheritance of such estates. Because valid wills essentially take care of inheritances themselves, most Pennsylvania inheritance laws are based around situations of intestate succession.
This system of succession was built using the philosophy that the majority of decedents would want their estates to end up with their closest relatives, like spouses, children, siblings and parents. But if this doesn’t sound desirable to you, it’s best to plan your estate according to your preferences.

Inheritance Law and Probate in Pennsylvania

Any estate valued at more than $50,000, not including real property like land or a home and other final expenses, must go through the probate court process under Pennsylvania inheritance laws. This entails going to the court where the decedent owned property in the state and beginning a legal proceeding where a judge watches over how the will is managed.
Estates that are below $50,000 in assets are called “small estates” and can avoid probate altogether. Probate courts are also responsible for naming an executor for intestate estates (where there is no will). This will almost always end up being someone who is familiar with the decedent and the decedent’s family, as well as the property in question that makes up the estate.

Inheritance Law Affecting Spouses in Pennsylvania

While spouses will typically inherit most or all of their spouse’s intestate estate, children and parents can complicate this. However, if none of these relatives survive the decedent, the spouse receives the entire estate.
If the children in question were from you and your spouse, your spouse’s share drops to the first $30,000 of the intestate estate, plus 50% of the balance left over. The rest of the estate is left to your children. The same policy applies if your parents survive you.
Should you die with surviving children from your current marriage and a past relationship, the piece of your intestate estate left for your spouse will fall to half. The latter half is divided between all your children, according to Pennsylvania inheritance law, which protects widows and widowers that were disinherited or heavily underrepresented by their spouse’s will by implementing an “elective share” policy. This allows spouses to claim ownership to 1/3 of the decedent’s estate.

Inheritance Law That Protects Children in Pennsylvania

Aside from spouses, children have extremely strong rights to intestate inheritance assets according to Pennsylvania inheritance law. In fact, if their parent was not married when the surviving parent passed away, they are given total control of estate, split evenly among them.
In situations where the decedent was married, the share the children will split depends on who their other parent was. If the decedent and his or her current spouse are their parents, the children are entitled to an inheritance only after the surviving spouse inherits $30,000 and half of the balance of the estate. However, if the children were born out of marriage or during a previous relationship, their share falls to 50% of the estate.
Children born throughout the life of your marriage are assumed to be biologically yours in Pennsylvania. Therefore the burden of proof is on you to prove that they’re not actually yours. If you place one of your biological children up for adoption, and another family adopts him or her, your estate is relieved of any inheritance that kid would have been able to claim. Children you adopt into your family automatically are given the same inheritance rights of a biological child.
Family members besides children you placed up for adoption who were successfully adopted could become an heir to your intestate estate if they can inherit as a legal relative. However, this precondition requires you to have maintained a relationship with the person since the time of the adoption.
Grandchildren have no inheritance r1ights. The only way this is waived is if your child, or the child’s parent, predeceased you. Stepchildren and foster children, although they might be considered part of your family, are not so according to Pennsylvania law. As a result, they will not inherit from your intestate estate. If you are expecting a child before you die, and that child is born after you have passed away, that child is still entitled to a portion of your estate – regardless how many family members object.

PA Inheritance Laws Affecting Unmarried Persons With No Children

If you pass away without a spouse or children to inherit your intestate estate, Pennsylvania succession laws will decide who will inherit your property. The state of Pennsylvania will inherit your estate if none of these stipulations apply to your specific situation, yet the state does try to have your property stay with people who are related to you.

Non-Probate Inheritances in Pennsylvania

There are certain assets and accounts of a decedent that the Pennsylvania probate court will not handle, as there has already been a beneficiary named, as for the following assets:

Living trust assets
Insurance policies
Pay-on-death bank accounts
Retirement accounts
Insurance payouts for estates
Certain funds in a bank account for final expenses

Other Inheritance Law Scenarios in Pennsylvania

In order to be a valid heir to an intestate estate, you must survive for at least five days following the death of the testator, the creator of the will. So if a relative or anyone else listed as a possible heir dies within five days of the testator, they will not hold a right to inheritance.
The law in Pennsylvania treats half-blood and full-blood relatives the same in intestate succession. So even if you only share one parent with a brother or sister, he or she gets typical inheritance rights for siblings.
If someone in your family was pregnant when you died, and he or she has their child after you’ve already died, the child is afforded the same right to inheritance he or she would have had if you were still around, according to Pennsylvania inheritance laws.
Regardless of whether he or she was in your will or not, any individual that willingly murders you will have his or her inheritance rights stripped away by Pennsylvania.
Illegal immigrants and non-citizens are still eligible to be heirs under Pennsylvania law. This is applicable under both intestate succession and situations where there is a valid will.

Resources

Pennsylvania Inheritance law

Pennsylvania Probate Q&A

Pennsylvania Wills and Estate Planning

Click Here for a Pennsylvania Inheritance Advance or Probate Advance Representative

PA estates & inheritance loans
If you are an heir of an estate in probate or a trust beneficiary in Pennsylvania, and you wish to receive inheritance

PA estates & inheritance loans

Heirs that are associated with PA estates & inheritance loans (as inheritance funding during probate is frequently called), that are looking for more info on probate or \”probate loans\”, or PA estates & \”inheritance loans\”… with lower inheritance advance or probate advance rates – are definitely in the right place for accurate information on the probate process, inheritance law, PA estates & \”inheritance loans\”, as they\’re called. You also want to make sure you are on the same page as your estate lawyer – and remain aware of any new probate laws in Pennsylvania.

“Probate Cash Advances” versus PA Estates & “Inheritance Loans”

Most heirs and beneficiaries involved with PA estates & inheritance loans, prefer to call cash advance assignments on PA estates \”inheritance loans\”, or “probate loans\”, despite the fact that this is actually a non-interest, non-credit inheritance cash advance assignment… The truth is, many heirs would rather get inheritance funding or a probate advance from their parents rather than waiting until after they have passed away. Yet, if non-loan inheritance funding from PA estates & inheritance loans, as these credit-free, non-interest cash advance assignments are often called, are the only realistic financing options, if both parents have passed away, that Pennsylvania heirs have during probate. “Borrowing against inheritance”, utilizing assets from PA estates & inheritance loans, as many call it – getting inheritance funding from an inheritance funding company – instead of being able to get those type of advance inheritance funds from living parents, is obviously less personal and gratifying for heirs. Assets from PA estates & inheritance loans from established inheritance advance funding companies, often with a 72 hour probate advance; are viewed by heirs as “…the best inheritance funding available\” – with respect to PA estates & inheritance loans.

How Can You Get a Probate Advance or Inheritance Advance from an Inheritance Funding Company, if you’re an Heir in Pennsylvania?
Although there is not an experienced inheritance funding company actually based in Pennsylvania and experienced in PA estates & inheritance loans (so-called) inheritance funding is, initially, a virtual process, which also utilizes phone, email and fax. So it really doesn’t matter that the funding process connected to PA estates & inheritance loans is not based in PA. Any top of the line inheritance funding company is located on Google, as is lots of info on PA estates & inheritance loans; as well as the inheritance funding process, with phone and email communications to conclude financing of PA estates & inheritance loans. Any worthwhile inheritance funding company is national, even though your probate and inheritance laws are somewhat unique to Pennsylvania, you can access inheritance money on a national basis, from inheritance lenders, despite the fact that you may be based in the state of Pennsylvania. Inheritance cash advances are simple and fast, as long as it’s from an established probate cash advance or “inheritance loan” (as most heirs will call it) inheritance funding company – such as My Inheritance Cash. Regardless, most heirs will try to lock down low inheritance loan fees, as they call it, or probate advance rates, and avoid any hidden charges, up-front fees, monthly payments, compounding interest; credit report or credit score, which they do avoid with My Inheritance Cash.

How Can You Get Approved Rapidly For an Inheritance Advance? Which Heirs Refer to as Cash from PA Estates & Inheritance Loans
Document and paperwork requirements are always simple, to get approved for probate advance or inheritance advance cash from PA estates & inheritance loans, from My Inheritance Cash – what many heirs and beneficiaries still refer to as an “inheritance loan” or “probate loan”. You just need a valid Photo I.D., you need documentation proving you are a valid heir of a Pennsylvania estate… plus proof of inheritance assets, real property, liquid assets and personal property; plus the total amount you will be receiving as an inheritance.

This is the type of information that most heirs of estates in Pennsylvania collect, prior to signing a probate advance or inheritance advance agreement with an inheritance advance funding company, frequently and inaccurately referred to as an “inheritance loan” or “probate loan” provider.
My Inheritance Cash probate advance transactions are carefully structured so that heirs can access inheritance money as quickly as possible, usually within a day or two – or at the most, with a 72 hour probate cash advance, before probate closes, so heirs can use the money as they wish, within a relatively rapid timeframe… Making it possible, for example, to hire their own personal estate lawyer; or to invest in financial opportunities that may only have a brief window of opportunity; or to pay for urgent and essential medical services that may be required immediately… Or to pay off scary debts; or resolve critical emergencies like a foreclosure. There is no end to the reasons heirs may have to use advance inheritance money for.

Is a Pennsylvania Inheritance Advance a “Cash Assignment”, or is it an “Inheritance Loan”, an “Estate Loan”, or a “Probate Loan”?
Inheritance cash advance assignments in Pennsylvania are not technically interest bearing loans, so there is no risk of recourse for non-payment. Heirs who are getting advance inheritance money from one of the several inheritance cash advance funding companies serving Pennsylvania are not personally responsible for repayment. Commonly, consumers will call inheritance cash advance assignments inheritance loans, inheritance advance loans, probate loans, estate loans, or probate advance loans – however, we believe it is important to note the difference. Clients of inheritance advance funding firms do not technically “borrow against inheritance”; and do not actually “get a loan on inheritance.” Fast inheritance advance companies, or discounted probate advance firms, do not actually provide PA estate inheritance loans, probate loans or estate loan service to clients. Their probate cash advance service is in effect providing non-interest bearing, non-recourse, inheritance cash advance assignments.

Inheritance Laws in Pennsylvania

Pennsylvania is one of only six states in the USA that still impose an inheritance tax, although the rest of Pennsylvania inheritance laws are fairly standard, in keeping with most other states. There are also tight restrictions around what defines a valid will in Pennsylvania, so you have to know what you’re doing – and your estate attorney must know what he or she is doing. Besides expertise from an experienced estate lawyer or law firm, some heirs will get inheritance or financial advice from a nearby financial advisor who frequently works with heirs of estates or trust beneficiaries, such as SmartAsset.com, one of the few firms that specifically matches up heirs or beneficiaries with appropriate advisors. Financially, it is often worth the extra effort.

Does Pennsylvania Impose Inheritance or Estate Tax on Heirs?

Pennsylvania does have an inheritance tax. This is served not on estates, but on specific inheritance assets going to all of a decedent’s heirs. The inheritance of “jointly owned property” from the decedent to a surviving spouse is not included in this tax. There is no estate tax in Pennsylvania. The rates for the inheritance tax range from 4.5% to 15%, depending on the exact situation. What you’ll have to pay and when is listed below:

Other Necessary Tax Filings

The inheritance tax in Pennsylvania is not the only applicable tax on estates. Additional federal and state tax requirements (which will need to be taken care of by an executor) include:

Final individual federal/state income tax – due by tax day of the year following the deceased’s passing
Federal estate/trust income tax – due by tax day of the year after the deceased’s passing
Federal estate tax – due nine months after the deceased’s passing,with six-month extensions available if requested prior to the conclusion of the nine-month period. (At the time of writing, this applies only to estates with a gross asset and prior taxable gift value of or exceeding $11,180,000.)

As per the IRS, the deceased’s Social Security number will be used for individual tax purposes, whereas an employer identification number (EIN) must be used for the Estate.

Dying With a Will in Pennsylvania

Pennsylvania has strict laws constituting the validity of a will, known as testate. A testate will does not have to be notarized, but cannot be handwritten, nor oral (communicated verbally). Two witnesses must be present at the time of signing, and sign it themselves as well.

A testate will must also include the naming of an estate executor, or personal representative, who will make sure your estate planning wishes are met, and that your estate’s outstanding debts are paid off.

Dying Without a Will in Pennsylvania

If you die without a will, your Estate is known as intestate. In this case, Pennsylvania State Inheritance Law will determine the allocation of your assets, property, etc.

Known as Intestate Succession, this process is designed for your Estate to go to your closest possible next of kin. When no kin survive you, your Estate will escheat, becoming the property of the State of Pennsylvania.

Inheritance Law and Probate in Pennsylvania

Estates valued above $50,000, not including real property, must enter Probate, according to Pennsylvania State law. A judge will name an Executor to manage your Estate, and see over the process to ensure that your Estate is properly distributed.

Estates valued below $50,000 are known as Small Estates, and are eligible to avoid Probate.

Spousal Inheritance Law in Pennsylvania

Where there are no children, a spouse is eligible to inherit the deceased’s entire Estate.

If all of your children are from your surviving spouse, your spouse inherits 1) the first $30,000 of your intestate Estate, and 2) half of the remaining Estate. Your children (or parents, if you have no children) inherit the other 50% of the remaining Estate.

If any of your children are from a past relationship, and either 1) paternity has been proven, or 2) your children were legally adopted by you, then your spouse and all of your children will receive half of your Estate, respectively.

Known as an elective share, surviving spouses who were disinherited, left out of a will, etc, are entitled to claim 1/3 of the deceased’s Estate.

Inheritance Law Protecting Children in Pennsylvania

Aside from spouses, children have significant inheritance rights to intestate assets in Pennsylvania. If the deceased was not married, or pre-deceased by a spouse, the children inherit the entire Estate.

If the deceased left behind a surviving spouse, the children will inherit either a) half of the Estate minus $30,000, if the surviving spouse is the parent of all children, or b) half of the Estate, if the children are from more than one relationship.

Children born in wedlock are considered to be your biological children, and therefore are eligible to receive an intestate share of your property, unless you have put them up for adoption or formally disinherited them, etc. Children you have legally adopted (including step-children, foster children, etc) are equally eligible to full inheritance rights, so long as you have maintained a relationship with said child/person.

In the State of Pennsylvania, grandchildren do not inherently hold inheritance rights to intestate property, unless their parent (your child) predeceased you, in which case they are eligible to receive that person’s share of your intestate property.

If a child is conceived before your death, but born after, he/she is entitled to the respective share of your Estate.

PA Inheritance Laws Affecting Unmarried Persons With No Children

The Estates of persons who pass away with neither a spouse nor children will be distributed according to Pennsylvania State succession laws. In the absence of surviving kin, your Estate will escheat, and become the property of the State of Pennsylvania.

Non-Probate Inheritances in Pennsylvania

Particular accounts and assets are not handled in Probate Court; namely, those with a named beneficiary. Among others, these include the following:

Assets from a living trust
Insurance policies, payouts, etc
Pay/Transfer-on-death bank accounts
Retirement accounts (IRAs, 401Ks, etc)
Insurance payouts
Bank account funds laid aside for final expenses

Additional Inheritance Law in Pennsylvania

To be considered a valid heir to an intestate estate in Pennsylvania, you must survive for at least 120 days past the death of the testator.

In the State of Pennsylvania, half and full blood heirs are considered to hold the same eligibility to intestate succession.

Relatives conceived before your death but born after, so long as they survive at least 120 hours, are considered eligible heirs to your intestate Estate.

Citizenship and residence do not affect one’s eligibility to inheritance.

An heir found to have willfully and unlawfully murdered the deceased is ineligible to receive both testate and intestate assets, property, etc.

If stated in writing, the value of property given to a relative before your death will be deducted from his/her share of your Estate.

Resources

Click Here for a Pennsylvania Inheritance Advance or Probate Advance Representative

Categorised in: State Inheritance and Probate Law

This post was written by Inheritance Loans USA