What is the name of your state (only U.S. law)? Pennsylvania:
My dad just passed without a will. He was divorced. He had been sick for some time and had distributed assets as gifts long ago. He felt he had taken care of everything. I am the eldest of his 3 children. All that is left is:
Bank#1
Bank checking account - approx $1000
Bank money market - approx $2000
Bank #2
Savings - $1000 (to be issued in a check to the Funeral Home)
A vehicle with death insurance benefits that will pay it off and the listed beneficiary is "the estate." FMV = $10,500
A pension death benefit of $4000 to a off the record business partner.
He had given the vehicle to me informally, but my siblings are aware and will not contest it. And then the $3000 at Bank #1 will be distributed equally amongst the 3 children.
Also - we are 100% that there are no outstanding debts.
Questions:
I assume the items listed above are called "the estate"
What exactly is probate? Do we need a lawyer? Is what I described above a "small estate"? What do we have to pay PA estate tax on, what do we have to pay inheritance tax on? Seems like this should be easy; but if a lawyer is necessary is this usually an expensive bill?
All help will be appreciated!
Kelly
My dad just passed without a will. He was divorced. He had been sick for some time and had distributed assets as gifts long ago. He felt he had taken care of everything. I am the eldest of his 3 children. All that is left is:
Bank#1
Bank checking account - approx $1000
Bank money market - approx $2000
Bank #2
Savings - $1000 (to be issued in a check to the Funeral Home)
A vehicle with death insurance benefits that will pay it off and the listed beneficiary is "the estate." FMV = $10,500
A pension death benefit of $4000 to a off the record business partner.
He had given the vehicle to me informally, but my siblings are aware and will not contest it. And then the $3000 at Bank #1 will be distributed equally amongst the 3 children.
Also - we are 100% that there are no outstanding debts.
Questions:
I assume the items listed above are called "the estate"
What exactly is probate? Do we need a lawyer? Is what I described above a "small estate"? What do we have to pay PA estate tax on, what do we have to pay inheritance tax on? Seems like this should be easy; but if a lawyer is necessary is this usually an expensive bill?
All help will be appreciated!
Kelly