Closing A Bucks County Estate
Closing or terminating a Bucks County estate is an important legal matter, especially to the executor, administrator or personal representative. If a Bucks County estate is properly closed, the executor should be free from personal liability and all estate debts should be discharged.
There are two ways to close a Bucks County estate. The first method is to prepare and file an estate accounting and prepare and file a Petition for Adjudication with the Bucks County Orphans’ Court in order to obtain confirmation that the executor or administrator properly administered the Bucks County estate.
The other method is to settle the Bucks County estate by a Receipt, Release, and Indemnification Agreement. This is an agreement between the beneficiaries of the Bucks County estate and the executor or administrator. A Receipt, Release, and Indemnification Agreement releases the Bucks County executor or administrator of all claims.
In Bucks County, a Receipt, Release and Indemnification Agreement is used in situations where families are in agreement and want to work to an amicable resolution without incurring the additional costs of preparing an estate accounting, attorney fees, court costs, and months of delays associated with a Bucks County Petition for Adjudication and the Bucks County Orphans’ Court.
Bucks County executors must also formally notify the Bucks County Register of Wills that the Bucks County estate has been completed. To properly close a Bucks County estate and relieve the executor or administrator of liability, hire an experienced Bucks County estate attorney such as Michael J. Saile, of Saile & Saile LLP.