Q: How do you get Letters of Administration for litigation settlement disbursement. Small $ amount in PA (Approx $3k)
My husband pass away on Dec 30, 2014, I brought the Will to the Courthouse shortly thereafter to establish an estate and we decided not to do so as there were no Assets solely in his name. My husband had a pending lawsuit from a car accident in which a settlement was just reached. Now, in order to issue the funds, I am told to create an Estate for the sole purpose of litigation. The funds are small (approx $3000, which is less than the immediate family exemption). Can a Letter of Administration be issued without an estate? And is it ever too late to create as Estate as it has been almost 2 years since passing?
A: What you were told is correct. You need to file (probate) the Will to open an estate and be appointed as Executrix. As Executrix, you will be substituted as the plaintiff in your husband's case. You must then file a Petition to secure Court approval of the settlement. Once there is Court approval the Executrix can execute a Release and finalize the settlement. The estate must then be managed as a regular small estate, and inheritance tax will be owing on net proceeds distributed by the estate.
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