Conti Law: Estate Planning and Settlement

By Kevin Brown

After a lifetime of working, saving and building an estate, many people assume their treasured assets will be distributed easily and quickly after they die. What happens to our estates, however, can be a complicated and stressful process for our loved ones

“Nobody wants to think about passing but I think the best gift we can give to those we leave behind is having things in an organized manner so they can grieve and not spend all of this time and money going through the court process,” says Michele Conti, a tax and estate planning attorney and founder of Conti Law located in Oakdale. Conti Law specializes in estate planning and settlement services.

Many people feel that an estate plan is for the very rich. “I wish more people were aware that they don't have to be Elon Musk- or Mark Cuban-wealthy to have an estate plan,” Michele says. “There are more options besides just creating a will.”

There are many twists and turns in the settlement process. For example, it’s a common misperception that, if you are married when you die, your spouse will inherit everything.

“If the decedent is married, traditionally, the assets are jointly titled with the spouse, so that not much has to be done,” Michele explains. “If a joint owner dies, then that asset passes to the surviving joint owner. If there's an account with a beneficiary named, then all that company requires is a death certificate and the company will contact the listed beneficiary directly so they can fill out the claim form and obtain the asset,” she notes.

However, that is not always the case, according to Michele. “I've had clients who are married and the house or bank account is just in one spouse's name. If that's the case, or the second spouse is the one to die, then it really just depends if there's a will in place,” she says.

Michele explains further. “In Pennsylvania, it is not required to die with a last will and testament. If somebody passes away without a will in place, then Pennsylvania intestacy law kicks in, and Pennsylvania will tell us who inherits. If there is a spouse, they may get a percentage. If there are children, they may get a percentage. But they look to see who the next of kin are, and the assumption is, well, if the spouse is surviving, the spouse inherits it all. That's not the case,” she says. Pennsylvania Intestacy law dictates who inherits what based on the relationship of the next of kin.

“When we're structuring the estate,” says Michele, “all of those relationships are important, because ultimately, we want to know who you want to inherit your assets when you die? If it's just a spouse, then we have to either add joint owners or beneficiaries or at least have a will in place. It really depends, is there a will and what does the will say? But if there's not a will, that's when it becomes more complicated. We have to figure out who has survived the decedent, what's their relationship to them and then we figure out the percentages of what each party receives,” she says.

Also to be figured in the settlement process is probate. This occurs when the local Register of Wills reviews the will to certify its authenticity and the beneficiaries, or when there is no will the law determines who inherits the assets. Probate can be an expensive and lengthy process that can take up to a year if the will is uncontested. In addition to probate, there is the Pennsylvania inheritance tax return that has to be filed and the inheritance tax paid within a specified timeframe.

The inheritance tax return is due within nine months of the decedent’s death. If the estate makes an estimated payment within three months of death, the Commonwealth will provide a five percent discount on the tax due. Therefore, it’s important to begin the settlement process sooner rather than later. The tax is based on the beneficiary’s relationship to the decedent, and it ranges between 0-15 percent.

Having a trust, such as a revocable living trust or asset protection trust, can save time and money in the settlement process. “When someone passes with a trust, it’s much smoother in that we don’t have to go through probate and the one-year wait to contend with,” says Michele. “The state inheritance tax return is still required,” she notes.

Planning ahead can help your heirs avoid complications and ease the stress inherent in the estate settlement process. Conti Law’s website has informative articles about estate planning and settlement. Visit www.contilawpgh.com. To make an appointment or for more information, call Conti Law at (724) 784-0239 or email to reception@contilawpgh.com. The firm is located at 7880 Steubenville Pike, Oakdale, PA 15071. Conti Law will open a second office on April 1, 2025, at 3157 Mount Morris Road, Suite 104, Waynesburg, PA 15370.