You have spent weeks sorting through a loved one’s papers. You have already filed a list of their property with the county. Then you find a bank statement for an account you did not know they had. Now you worry about overlooking other assets and how this might affect your family’s inheritance.
In Pennsylvania, you first check who owns the funds after your relative’s death. If the account belongs to the estate, you update the inventory you filed. You might also have to report it for inheritance tax purposes.
Check who receives the account
Your relative’s name on a bank statement does not always mean the funds are part of the estate. They could have named someone to receive the account when they died. Joint ownership may also determine who gets the funds.
You can review the bank’s records to see how your relative held the account. If the funds belong to the estate, you report their value on the day your relative died. Accounts that pass directly to someone else usually do not go on the estate inventory.
Report the missing property within 30 days
If you discover estate property missing from your first inventory, Pennsylvania law requires you to file a supplemental inventory within 30 days. You submit this additional record to the county Register of Wills. You do not have to replace your original list.
Inheritance tax works differently. Some accounts that do not belong in the inventory still count for tax purposes. If you already filed an inheritance tax return and later find an asset that belongs on it, Pennsylvania law requires a supplemental return as well.
Keep the records together
You may want to save the bank statement and the forms that show who receives the funds. Noting when you discovered the account helps you track the 30-day deadline. These records could also help you explain any changes to your family as you settle your loved one’s estate.