Chester County probate lawyer Michael Malarick has been helping the Chester County communities with their probate property issues for over 25 years. Chester County probate attorney Michael Malarick has been licensed to practice law as an attorney in the states of Pennsylvania and New Jersey for over 27 years. If you, your family, or your friends have probate property issues, call our law office today for free legal consultation. Our law firm can help you resolve any probate and legal property issues.
Chester County Probate Lawyer – What Property is Subject to the PA Probate Process?
As a Chester County probate lawyer, Michael Malarick will help your resolve your property issues. When your Chester County, PA loved one dies, you will want to know what happens to his or her assets. Your loved one’s assets will be probated. Probate is the process in which the Will is approved by the court, the executor is confirmed, and your loved one’s estate is gathered and distributed.
Probate assets are any property owned solely by the decedent – the individual who died. For instance, a husband and wife’s bank account titled in both names is not part of the decedent’s estate. That checking or savings account becomes the property of the surviving spouse and is not probated. Similarly, if the home is titled in both the husband and wife’s name, the home becomes the property of the surviving spouse and is not probated. If you are facing property or probate issues, call our Pennsylvania probate attorney for Chester County.
Probated property is any real property owned only by the decedent. Real property can include, for example, cash, bank deposits, jewelry, furniture, clothes, firearms, collectibles, and automobiles. Real property can also include an ownership interest in a partnership or corporation, stocks or bonds, and real estate.
Probate Attorney Chester County, PA – The decedent’s assets that can be excluded or skip the probate process include:
- Life insurance policies and individual retirement accounts with a named beneficiary;
- Bank accounts with a payable on death or transfer on death clause;
- Real estate titled as ‘tenancy by the entirety’ (a husband and wife ownership interest) or as “joint tenants with the right of survivorship; and
- Property held in a living trust.
In Pennsylvania, the decedent’s estate is taxed through the probate process. The more assets that can be excluded or skip the probate process, the less the estate tax will be assessed against those assets. The more assets that can be excluded or skip the probate process, the more of the decedent’s assets will be distributed to the beneficiaries.
Probate Lawyer Chester County, PA Contact Information
Call 610-816-6683 if you are dealing with a probate issue in Chester County, Pennsylvania. If your Chester County, PA loved one has died, contact Michael T. Malarick, Esquire, an experienced Chester County probate attorney who can assist you with the probate process. Call today for a free probate consultation.
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