Estate administration and estate planning are distinct phases in the lifecycle of managing your assets, and Kathleen Thomas, a Pennsylvania estate lawyer, breaks down their primary goals and differences.

Estate Planning: Preparation for the Future

Estate planning is the proactive process of preparing your estate for the future. It involves decisions made while you’re still alive and well. For instance, you can create a will, designate beneficiaries, and establish trusts. These steps aim to ensure your assets are distributed as per your wishes, minimize taxes, and make the process smoother for your loved ones. In Pennsylvania, individuals often pre-plan and prepay their funerals to ease the burden on their families.

Estate Administration: Post-Passing Responsibilities

Estate administration, on the other hand, comes into play after an individual’s passing. It is the duty of the executor (if there’s a will) or administrator (if intestate) to gather all the assets, settle bills, pay inheritance tax, and distribute the remaining assets to beneficiaries. This process can be complex, involving a hierarchy of bill payments and legal responsibilities.

Key Differences

The primary difference lies in the timing and focus. Estate planning focuses on preparing your assets for distribution, while estate administration involves executing these plans posthumously. It’s crucial to understand these differences and ensure that your estate is well-prepared for both phases.

In summary, estate planning is about preparing for the future, while estate administration involves executing those plans after someone’s passing. Careful planning and consultation with an estate attorney like Kathleen Thomas are essential for a seamless transition and the realization of your estate goals.

If you live in Pennsylvania, and would like to hire Kathleen for your Estate Planning and Administration Case or legal assistance, visit Kathleen Thomas’ profile on the Esquire Elite website here: https://www.esquireelite.com/attorney/kathleen-thomas/.

Disclaimer: The information in this article is not intended to be legal advice. Each situation is different, and the insurance laws in your state may differ from those discussed in this article. Please seek the advice of a professional for any questions related to your specific situation.

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