Best Probate Attorneys in Pittsburgh, PA

An estate in the broad sense consists of the property, assets, liabilities and unresolved affairs of a deceased. Narrowly, an estate may refer to only what is defined as the legal probate estate.

There are up to three kinds of taxes that may apply to value of the estate left behind. Pennsylvania inheritance tax applies at fixed rates to net estates left to anyone other than a spouse or charity. Deferred income tax applies to assets that hold untaxed, taxable earned income such as IRAs and other retirement accounts, annuities or US Savings Bonds. Finally, Federal Estate tax only applies to multi-millionaires.

Most people will appoint trusted family members such as a spouse, adult child, or sibling to be the trustee. In cases of more complex trusts or larger sums of money, you may want to consider choosing a trust company, charitable trust organization or bank.

Estate planning means making plans and arrangements that say how your affairs will be handled after you die or, if you are disabled, during your lifetime. Your estate plan consists of legal documents, including your will, power of attorney, health care power of attorney, living will or trust, and other arrangements that you have made, such as bank account ownership; life insurance beneficiaries; IRA/retirement plan beneficiaries; and the title to your house and other assets.

A power of attorney is a legal document that says who will handle your affairs if you are disabled or incapacitated by illness or injury during your lifetime.