The total worth of a person’s assets represents the net worth of the person. The net estate is the value of an individual’s assets less the legal obligations of the decedent and the costs of administering the Estate. The legal rights, property entitlements, and the interests define the assets of an individual in a certain period. Liabilities refer to the loan, taxes, and other credit obligations of the individual. However, there is still the issue of deciding if a claim against the estate is valid. The estate lawyer Philadelphia assitis fiduciary in making there decisions.
The estate planning Philadelphia considers all the real and personal property that the decedent owns at the time of his death. The probate estate excludes any properties held based on joint tenancy or passing outside the probate estate. This means that the probate estate assets exclude properties somebody inherits by operation of law even though the decedent enjoyed rights over the property while he or she was still alive.
Life insurance is a good example of this type of asset where during the sign up process the beneficiary is already appointed. The beneficiary receives the insurance policy proceeds. Property passing by operation of law also includes retirement plans and annuities. When the decedent has specified a beneficiary these assets pass directly to the decedent’s beneficiary but may be subject to transfer taxes.
In cases where the individual has a will, a lawyer practicing estate planning in Philadelphia examines the will to see if ti accomplishes the individual’s goals and minimizes taxes. The duties and responsibilities of both the administrator and the executor is to pass the decedent’s assets to his or her beneficiaries with a minimum of taxes and expenses.