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What is a Norristown Pa Model Court Accounting?

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What is a Norristown Pa Model Court Accounting? – Intro

As I have explained in Norristown Pa Beneficiary Lawyers, I have represented thousands of beneficiaries during my decades as an Estate Attorney. I can provide the necessary advice to protect your rights in nearly any Pa Estate, Pa Trust, and/or Pa Power of Attorney planning matter.

If you suspect that a Pa Will, a Pa Trust, and/or a Pa Power of Attorney does not reflect the wishes of the deceased, you have a right to challenge the proceedings in court.

What is a Norristown Pa Model Court Accounting? – Review

There are many factors that can affect the distribution of estate assets. In some cases, there may be a Pa Will that identifies you as a beneficiary; in other cases, there may not be a Pa Will at all. In still other cases, there may be a dispute involving the administration of the estate. For example, a beneficiary may disagree with how the executor or personal representative is distributing assets.

Estate administration can be a complex and lengthy process with many bumps in the road. If you suspect your rights as a beneficiary are being challenged, you should seek the advice of an experienced estate planning attorney immediately. I can explain your rights and all your available options. Contact our Wayne, PA office today to schedule a free consultation with me.

What is a Norristown Pa Model Court Accounting? – Types

Every beneficiary and every fiduciary should understand Compelling Accountings and Defending Accountings. A court can require a fiduciary to provide a detailed report of the assets managed and justification for expenses incurred. This report is called an “Accounting”.

There are two forms of Accountings; Informal Accountings and Formal Accountings.

What is a Norristown Pa Model Court Accounting? – Informal Accountings

The fiduciary creates and submits an Informal Accounting only to the interested parties without court oversight. An Informal Accounting’s complexity will depend on what information the interested parties require. Some beneficiaries only want copies of bank statements while others require detailed breakdowns and reports.

What is a Norristown Pa Model Court Accounting? – Formal Accountings

The fiduciary submits a Formal Accounting to the court, as well as to all interested parties. The fiduciary files Formal Accountings in specific, detailed formats. It takes a great deal of time to learn these formats. To save time, judges want all Accounting in the same format. A Formal Account will require a filing fee and at least one court appearance.

What is a Norristown Pa Model Court Accounting? – Format

You are not allowed to use Excel Spreadsheets, Quicken, Quickbooks, or other similar financial programs. The only acceptable format is a Model Court Account.

What is a Norristown Pa Model Court Accounting? – When To Compel

An interested party does not need a specific reason to compel a Formal Accounting. Obtaining a Formal Accounting is a right. But, Formal Accountings are expensive so shouldn’t be sought lightly.

Common reasons to seek a Formal Accounting include if you believe the Pa Executor, Pa Agent or a Pa Trustee has committed Theft, Misappropriation of Property, Co-Mingled Assets or has Abused Power. Suspicion that these acts took place is not enough, you must provide the judge evidence.

If an interested party believes that an Executor, Agent or Trustee has stolen property, misappropriated property, co-mingled assets or abused power, it is wise to hire an Estate Litigation Attorney to force the fiduciary to file a Formal Account. In this process, the Estate Litigation Lawyer can obtain an order allowing discovery. This allows the lawyer to depose the fiduciary, subpoena evidence, obtain records and interview witnesses.

If the fiduciary will rectify the harm, the judge will hold a hearing where the Estate Planning Lawyer will present the evidence gathered. If after hearing all the evidence the judge finds the fiduciary was wrong, the judge can order the asset returned and surcharge the fiduciary for expenses and order the fiduciary’s removal.

What is a Norristown Pa Model Court Accounting? – Conclusion

There are many times when an Accounting should be provided. There are many situations where an Accounting should be compelled. I will review those times and situations in further posts.

Serving Norristown Pa Probate Lawyers

He concentrates his three decade career in the legal areas of Pa Probate, Pa Estate Planning (including Pa Last Wills, Pa Powers of Attorney, Pa Living Wills), Pa Estate Administration, Pa Estate Taxation, Pa Estate Litigation, Pa Beneficiary Representation, and Pa Guardianships. 

Committed To Reliable Service

John B. Whalen, Jr. Esq. advocates for clients in Pa Last Wills and Pa Probate, Probate and Trust Litigation and Probate Litigation cases. Based in Wayne, I am familiar with the courts throughout all of Southeastern Pennsylvania. I have the necessary skill to help you resolve your legal problem. With almost thirty (30) years of experience, I am focused on your success. Please read my profile to learn more about my professional background.

Expert In All Areas Of Pennsylvania Probate, Wills, Trusts, Powers of Attorney, Estate Taxation, Estate Litigation, and Estate Representation.

John B. Whalen, Jr. Esq. has a thorough understanding of Pennsylvania law. I work hard to help you get the best possible results in the following practice areas:

When you retain my services, you can be assured that your attorney is fully qualified to take on your case.

John B. Whalen, Jr. Esq. sees your case through from start to finish. Let me work with you to address your legal concerns. My offices are conveniently located in Wayne. Call the firm at 610-407-0220 to arrange your consultation or contact the firm online.

Norristown Pa Beneficiary Lawyers

There are many factors that can affect the distribution of estate assets. In some cases, there may be a Pa Will that identifies you as a beneficiary; in other cases, there may not be a will at all. In still other cases, there may be a dispute involving the administration of the estate. For example, a beneficiary may disagree with how the executor or personal representative is distributing assets.

Norristown Pa Estate Administration Lawyers

Pa Estate Administration is the process of settling a decedent’s affairs. When a loved one passes away, it can be an emotional time. In addition to grieving their passing, those that survive them must tie up all the legal and financial loose ends related to their life and estate. This includes addressing their Pa Last Will and following its instructions.

Norristown Pa Estate Lawyers

Pa Estate law comprises many areas of law. However, all of these areas of law focus on taking care of one’s person and property. Estate law is all of the laws that impact how a person makes decisions and issues directives about their personal affairs. A Pa Estate is anything that makes up a person’s net worth. Very simply, an estate is what a person has in their own name alone.

Norristown Pa Estate Litigation Lawyers

Most estates, especially when there is a proper will in place, are easily settled. Yet there are times when other factors complicate the issue, creating a situation that requires more careful consideration. For example, a family business, an estate that is in bankruptcy or an estate that holds significant amounts of real estate may become complicated quite quickly. This is where estate litigation comes into play.

Norristown Pa Estate Planning Lawyers

An attorney who specializes in Pa Estate Planning can help you create a complete plan (including Pa Last Wills, Pa Powers of Attorney, and Pa Living Wills, etc.) to protect your spouse and children if you become unable to manage your financial affairs. Pa Estate Planning allows you to make decisions now so your wishes can be carried out if you die or become incapacitated.

Norristown Pa Powers of Attorney Lawyers

When you execute a legal document called a power of attorney, you are authorizing another individual to make certain decisions on your behalf. The person who signs the document is called the principal and the person who is authorized to make decisions is known as the agent or attorney-in-fact.

Norristown Pa Living Wills Lawyers

Living wills are also referred to as an advance directive or a health care directive. It is a legal document that communicates your desire in the treatment of serious medical problems in the event that you are unable to speak for yourself. They do not go into effect unless you are incapacitated and unable to express yourself. Having a living will can relieve your close relatives from the burden of having to make the decision about whether to remove you from life support.

Norristown Pa Trusts Lawyers

Trusts are legal documents that allow you to control how your assets will be allocated or managed. You are considered the grantor and the person that manages and distributes assets in the trust is known as the trustee. Individuals who receive money or other assets are the beneficiaries.

Property placed in a trust, unlike wills, is not subject to probate. You can also create a revocable trust which can be canceled or revoked at any time while you are alive. Trusts can be set up for a child’s education or to reduce estate taxes.

Norristown Pa Last Wills Lawyers

A Will is an important document to execute in order to avoid disputes about how your assets will be divided when you die. The executor who administers the distribution of assets from your estate will allocate your possessions as you specified. You should periodically review your Will to make sure it is still relevant and accurate. Life changing events, such as the birth of a child or a marriage, may require amendments to the original document.

Norristown Pa Last Wills Contest Lawyers

A loved one’s legacy can ease the pain of loss by reminding heirs of a departed family member’s enduring love. But when questions arise about the validity of a will or the management of estate assets, uncertainty can arouse animosity and prevent closure.

Norristown Pa Estate Litigation Lawyers

Most estates, especially when there is a proper will in place, are easily settled. Yet there are times when other factors complicate the issue, creating a situation that requires more careful consideration. For example, a family business, an estate that is in bankruptcy or an estate that holds significant amounts of real estate may become complicated quite quickly. This is where estate litigation comes into play.

Norristown Pa Estate Taxation Lawyers

When an individual acts in a fiduciary capacity such as a Pa Executor of a Pa Last Will or a Pa Trustee of the financial assets of another person or entity, they have the responsibility of keeping accurate financial records. Those records should show how money was spent, invested or distributed while under the fiduciary’s care and control. Proper accounting can bring to light the mismanagement or bad investment of funds should an issue arise with an interested party.

Norristown Pa Guardianships Lawyers

The Pa Guardianship process can be filled with emotions. Realizing that a loved one is no longer capable of caring for his or her self can be difficult to accept. For the past twenty-five (25) years, Attorney Whalen has built a reputation for providing compassionate legal care for his clients, putting their needs and interests first while navigating emotionally trying circumstances.

Norristown Pa Probate Law Lawyers

The Pa Probate process, itself, is a very simple process. However, it is merely the beginning of the Pa Estate Administration (also known as the Pa Estate Settlement) process, which involves settling a decedent’s affairs, and can (and does) involve many, many other steps, depending on many, many other things.

Norristown Pa Probate Attorneys Guide

The Norristown Pa Probate Attorneys Guide is the core of this website. It consists of the best, most important articles, posts, and pages on this website. Their focus is to provide the best and most complete information on a particular topic, rather than to sell my services.

John B. Whalen, Jr., JD., LL.M., is an AV Peer Review Rated Preeminent 5.0 and Avvo Rated 10.0 Superb (obtaining over 95 client reviews and peer endorsements) premier and prestigious Attorney and Counselor at Law. He is located at 1199 Heyward Road Wayne Pa 19087. He serves all surrounding counties, on all 7 days, from 9:00 AM to 10:00 PM, and on evenings, weekends, and holidays. He provides free initial consults all seven days, provides home visits, and provides flat fee structures. He can be reached by email at jw60297@me.com, and by telephone at 1-610-407-0220. He has amassed over 60 prestigious and premier professional awards and over 5000 client reviews and endorsements.

Mr. Whalen has achieved the AV Peer Review Rated Preeminent award from Martindale, AV Peer Judicial Preeminent award, the Avvo Rated Superb 10.00 award, the Avvo Rated Top Lawyer award, the Clients’ Choice Award, and the Top One Percent (1%) award.

He is the recipient of the Legum Magister Post-Doctorate Degree (LL.M.) in Taxation (from the Villanova University School of Law), a recipient of the American Jurisprudence Award in Wills, Trusts, and Estates (from the Widener University School of Law), and a recipient of the ABA-BNA Law Award for Academic Excellence (from the Widener University School of Law).

Norristown Pa Estate Planning Attorneys Guide

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Norristown Pa Estate Planning Attorneys

The best gift you can give your loved ones is to have your Norristown Pa Estate Planning complete. Unfortunately, to a great extent, misinformation about critical terms such as Pa Inheritance Tax, Federal Estate Tax, Pa Probate, avoiding probate, simple will, and Pa Living Trust, tends to lead to misunderstandings of Pa Estate Planning. These misunderstandings, in turn, tend to lead to mistakes in your Norristown Pa Estate Planning. These mistakes, again, in turn, tend to lead to unintended results after one’s death. In an effort to eliminate such misinformation, misunderstandings, and mistakes, this article will hopefully serve as a review – in very simple terms – of the basic, core issues of estate planning and its basic documents.

Norristown Pa Estate Planning – The Documents

There are four primary Pa Estate Planning documents that tend to form the foundation of most good estate plans. These documents are a

  • Pa Power of Attorney,
  • Pa Advance Directive for Health Care (a Pa Living Will),
  • Pa Last Will, and (at, times)
  • Pa Trust

Although each document has a different purpose, each document designates someone who is responsible for carrying out the wishes set forth in the document.

I refer to these people – those in charge – as “The Bosses.

Norristown Pa Estate Planning – The Bosses

Each document has a boss who is in charge of carrying out the terms of that particular document. Under Pennsylvania law, the proper terms for the bosses are:

  • Pa Agent (under a Pa Power of Attorney),
  • Pa Surrogate (under a Pa Living Will),
  • Pa Executor (under a Pa Last Will),
  • Pa Trustee (under a Pa Trust).

Although a technical knowledge of these terms can be useful, it is not the point of this article. The focus is to illustrate that an Agent, a Surrogate, an Executor, and a Trustee are just the bosses of that respective document.

Norristown Pa Estate Planning – The Powers

Each boss has powers, and these powers can be summarized very simply.

  • Pa Agent (under a Power of Attorney) can help manage all of your affairs
  • Pa Surrogate (under a Pa Living Will) can ensure your end of life decisions.
  • Pa Executor (under a Pa Last Will) can administer your Pa Estate
  • Pa Trustee (under a Pa Trust) can monitor and manage your Pa Trust.

Again, and although a technical knowledge of the parameters of these various powers can be useful, it is not the point of this article. The focus is to illustrate that a Pa Agent, a Pa Surrogate, a Pa Executor, and a Pa Trustee can generally possess broad powers to act for you under that respective document.

Norristown Pa Estate Planning – The Traits

Although all four of the documents require bosses that possess certain traits or characteristics in order for that document to be as effective as possible, I have experienced that two traits should be inherent in all of the bosses of all four of the documents

  • Ability
  • Willingness.

Although the bosses of each of the documents should also possess additional traits for that particular document to be effective (all of which shall be addressed later), unless your boss is able and willing to act on your behalf, your desires and wishes may not be followed.

Norristown Pa Estate Planning – The Documents

There are four primary documents that tend to form the foundation of most good estate plans. A succinct review of each, and the misunderstandings of each, follows.

Norristown Pa Powers of Attorney Lawyers

A Pa Power of Attorney can grant your boss (Pa Agent) the ability to control all of your affairs. It is a very powerful document; it can permit your Pa Agent the broadest of powers to do anything which you could have done (i.e., give all your money away), but yet, inherent in these broad powers, is the reality that your Pa Agent may actually do anything which you could have done (i.e., give all your money away).

A Pa Power of Attorney can be durable (effective after you are incapacitated), current (effective now), or springing (effective upon the happening of a future event (i.e., the decision by your treating physician that you can no longer act for yourself).

A common misconception is that a Pa Power of Attorney eliminates your ability to act for yourself. Quite to the contrary, and until you are deemed incapacitated, a Pa Power of Attorney should properly be viewed as a shared authority – you still retain all of the powers and decision making ability that you possessed before you executed the Pa Power of Attorney.

With respect to additional traits that your boss should possess (in addition to being able and willing), I have found that your boss (Agent) should also be:

  • Levelheaded
  • Familiar with your affairs.

Norristown Pa Living Wills Lawyers

A Pa Advance Directive for Health Care can grant your boss (Pa Surrogate) the ability to execute your end of life decisions and decide whether life-sustaining measures should be used. The common misconception of this document is when it will become operative.

There are two triggers that must occur before your Surrogate is even given the option of acting: the first is that you must be unable to communicate your own decisions, and the second is that you must have been diagnosed with a terminal condition or as being permanently unconscious.With respect to additional traits that your boss should possess (in addition to being able and willing), I have found that your boss (Surrogate) should also be:

  • Stoic
  • Strong.

Norristown Pa Last Wills Lawyers

A Pa Last Will can grant your boss (Pa Executor) the ability to administer your Estate.

The most common misconception that surrounds a Pa Will is the process called Pa Probate and the seemingly universal theme that it should be avoided at all costs.

Again, and virtually to the contrary, the word probate is merely the Latin infinitive verb that means to prove, and, although some states do have onerous probate procedures (where the avoidance of probate may be a prudent strategy), Pennsylvania is not one of those states. In fact, probating a Will in Pennsylvania is very simple.

Also very important is the fact that a Will only disposes of the assets (1) that you own in your individual name alone and (2) that possess no beneficiary designations (i.e., no tags). Consequently, items owned jointly with another are controlled by property law (not Will law) and will pass to the joint owner(s) at your death, and items that have beneficiary designations will be controlled by contract law (not Will law) and pass to the designated beneficiaries at your death. With respect to additional traits that your boss should possess (in addition to being able and willing), I have found that your boss (Executor) should also be:

  • Honest
  • Diplomatic. 

Norristown Pa Trusts Lawyers

A Pa Trust can grant your boss (Pa Trustee) the ability to monitor and manage your Pa Trust. The types of Trusts can be viewed simply as being either (1) revocable (which are created during your life and which become irrevocable upon your death), (2) irrevocable (which are created during your life and become irrevocable upon their creation), and (3) and testamentary (which are created under your Will and which become irrevocable upon your death

Vital is the fact that they can be extremely useful for individuals with Special Needs (i.e., autism, addictions, minors, etc). With respect to additional traits that your boss should possess (in addition to being able and willing), I have found that your boss (Trustee) should also be

  • Attentive
  • Decisive.

Norristown Pa Estate Planning – The Taxes

Another area of misconception in the Pa Estate Planning area involve the taxes that are imposed on the value of your assets on the date of your death.

Basically, two death taxes can be imposed on Pennsylvania residents: the

  • Federal Estate Tax, and
  • Pa Pennsylvania Inheritance Tax.

Unlike the income tax, which is very descriptive in its title – as it is imposed upon your income – the phrases “Federal Estate Tax” and “Pa Inheritance Tax” are misnomers in that may tend to belie the actual fact that these are taxes imposed by virtue of your death.

Federal Estate Tax

The Federal Estate Tax begins at a wealth threshold.

If you possess less than the wealth threshold at your death, the federal estate tax will not be applicable. If it is applicable, the tax is imposed on a percentage scale according to the amount of wealth (i.e., potentially 47% of the value of your assets above the current $1,500,000. 00 wealth threshold). This threshold has been, is, and is scheduled to continue to increase. In 2005, the threshold is $1,500,000. 00; in 2006, 2007, and 2008, the threshold is $2,000,000. 00; in 2009, the threshold is $3,500,000.00; in 2010, the Federal Estate Tax is scheduled to be eliminated; but in 2011, the Federal Estate Tax is scheduled to return with a threshold of $1,000,000.00.

PA Inheritance Tax

The Pennsylvania Inheritance Tax has no wealth threshold and starts immediately. It is imposed on a percentage based on the relationship of the beneficiary

  1. 00.00% = Spouses and Charities are taxed at a 00.00% tax rate, 
  2. 04.50% = Lineal descendants are taxed at a 4.50%,
  3. 12.00% = Siblings brothers and sisters
  4. 15.00% = Collaterals (everyone else).

Norristown Pa Estate Planning – The Pointers

In conclusion, there are four basic pointers for all who are faced with estate planning.

  1. Title your assets with the utmost care (i.e., joint ownership, beneficiary designations, etc.)
  2. With respect to transferring your assets (i.e., re-titling, gifting, etc) during your lifetime, get advice before you do so (before the bombs go off).
  3. Always have your estate planning documents up-to-date because laws, taxes, and people change.
  4. Most importantly – pick your bosses very carefully.

Serving Norristown Pa Probate Attorneys

Cornerstone content is the core of this website. It consists of the best, most important articles on this website. Their focus is to provide the best and most complete information on various topics.

John B. Whalen, Jr., JD., LL.M., is an AV Peer Review Rated Preeminent 5.0 and Avvo Rated 10.0 Superb premier and prestigious Attorney and Counselor at Law.

He is featured on Avvo, Justia, Lawyers, LinkedIn, Martindale, Nolo, and Thumbtack. He has amassed over 70 prestigious professional awards and over 5000 client reviews and endorsements.

His main office is located at 1199 Heyward Road, Wayne, PA, 19087, and he serves all surrounding counties, on all 7 days, from 9:00 AM to 10:00 PM, and on evenings, weekends, and holidays.

He can be reached by email at jw60297@me.com, and by telephone at 1-610-407-0220.

Mr. Whalen has achieved the AV Peer Review Rated Preeminent award from Martindale, AV Peer Judicial Preeminent award, the Avvo Rated Superb 10.00 award, the Avvo Rated Top Lawyer award, the Clients’ Choice Award, and the Top One Percent (1%) award.

He is the recipient of the Legum Magister Post-Doctorate Degree (LL.M.) in Taxation (from the Villanova University School of Law), a recipient of the American Jurisprudence Award in Wills, Trusts, and Estates, from the Widener University School of Law), and a recipient of the ABA-BNA Law Award for Academic Excellence (from the Widener University School of Law).

Norristown Pa Last Wills Lawyers

norristown-pa-last-wills-attorneys-lawyers

Norristown Pa Last Wills Lawyers

A Pa Last Will can grant your boss (Pa Executor) the ability to administer your Estate.

With respect to additional traits that your boss should possess (in addition to being able and willing), I have found that your boss (Pa Executor) should also be

  • honest
  • diplomatic.

The most common misconception that surrounds a Will is the process called probate and the seemingly universal theme that it should be avoided at all costs.

Again, and virtually to the contrary, the word probate is merely the Latin infinitive verb that means to prove, and, although some states do have onerous probate procedures (where the avoidance of probate may be a prudent strategy), Pennsylvania is not one of those states.

In fact, probating a Will in Pennsylvania is very simple.

Also very important is the fact that a Will only disposes of the assets (1) that you own in your individual name alone and (2) that possess no beneficiary designations (i.e., no tags).

Consequently, items owned jointly with another are controlled by property law (not Will law) and will pass to the joint owner(s) at your death, and items that have beneficiary designations will be controlled by contract law (not Will law) and pass to the designated beneficiaries at your death.

Pennsylvania Lawyer Advises and Represents Pa Testators and Pa Executors

John B. Whalen, Jr. Esq. provides a full range of services for wills: drafting, review, amendment, revocation, execution and probate. I provide reliable guidance for testators and executors. My experience in the probate court, resolving issues related to the validity of wills, enables me to provide practical advice for testators from all walks of life. Similarly, my work in the formation of wills gives us keen insight into how executors should interpret various aspects of a will that may initially seem unclear. Whether you are a testator formulating an estate plan or an executor implementing a decedent’s wishes, John B. Whalen, Jr. Esq. can simplify many complex aspects of the tasks before you. I offer pertinent and personal legal advice to obtain the results you need in a timely manner with the least stress possible.

Executing a Valid and Effective Will

Executing a valid will is rather simple; executing an effective will takes a bit more work. The probate court approves a will if it finds the document was executed intentionally and freely by a person of sound mind, is written in clear, unambiguous language and is signed and witnessed. That’s really the easy part. To be effective, your will must be comprehensive, covering the full range of your worldly possessions and your deepest concerns, and contemplating various contingencies. I work closely with you to memorialize your intentions completely and instructing that they be carried out in the most efficient manner possible.

Once executed, your will remains your final statement of your intentions until you amend or revoke it. I recommend reviewing your will every three to five years and updating it to reflect your current wishes.