“Information Bits from the Boss: Samantha provides brief answers to clients frequently asked questions”

​What if my estate doesn’t have a lot of assets, do I still need to probate?
 
It depends on what the value of those assets are and what type of asset.  For example, in Pennsylvania if you have a bank account under a specific amount you do not have to probate in order to close out that account. Certain family members can close the account with a copy of the receipted funeral bill as well as the death certificate. There are certain assets that you can close without having to probate; however, you still may need to file a Pennsylvania inheritance tax return and pay Pennsylvania inheritance tax, depending on the relationship of the beneficiary and the decedent. The Pennsylvania inheritance tax rate depends on your relationship to the decedent. Any direct lineal descendant or ancestor pays 4.5%, siblings pay 12%, and anyone else, including nieces and nephews pay at 15%. If you are a spouse, the tax rate is 0%.  For additional information, please contact our office.