Model Trust Account

There are all sorts of forms executors, beneficiaries, and probate court clerks have to fill out and correspond with during probate and estate settlement, including affidavits, letters, petitions, summons, orders, and notices.

Model Trust Account is a commonly used form within Pennsylvania. Here’s an overview of what the form is and means, including a breakdown of the situations when (or why) you may need to use it:

Atticus Fast Facts About Model Trust Account

Sometimes it’s tough to find a quick summary— here’s the important details you should know about Model Trust Account:

• This form pertains to the State of Pennsylvania

Government forms are not typically updated often, though when they are, it often happens rather quietly. While Atticus works hard to keep this information about Pennsylvania’s Form Model Trust Account up to date, certain details can change from time-to-time with little or no communication.

Step 1 - Download the correct Pennsylvania form based on the name and ID if applicable

Double check that you have both the correct form name and the correct form ID. Some Pennsylvania probate forms can look remarkably similar, so it’s best to double, even triple-check that you’re using the right one! Keep in mind that not all States have a standardized Form ID system for their probate forms.

Step 2 - Complete the Document

Fill out all relevant fields in Form Model Trust Account, take a break, and then review. Probate and estate settlement processes in PA are long enough to begin with, and making a silly error can push your timeline even farther back. No thank you!

Note: If you don’t currently know all of the answers and are accessing Form Model Trust Account online, be sure to avoid closing the browser tab and potentially losing all your progress (or use a platform like Atticus to help avoid making mistakes).

Step 3 - Have Form witnessed or notarized (if required)

Some States and situations require particular forms to be notarized. If you have been instructed to get the document notarized or see it in writing on the document, then make sure to hire a local notary. There are max notary fees in the United States that are defined and set by local law. Take a look at our full guide to notary fees to make sure you aren’t overpaying or getting ripped off.

Step 4 - Submit Model Trust Account to the relevant office

This is most often the local probate court where the decedent (person who passed away) is domiciled (permanently resides) or the institution involved with this particular form (e.g. a bank). Some offices allow you to submit forms online, other’s don’t, and we while we generally recommend going in-person to expedite the process, sometimes that simply isn’t an option.

It’s also a generally good idea to establish a positive working relationship with any probate clerk (unfortunately there’s enough people & process out there making things more difficult and unnecessarily confusing for them), so a best practice is to simply ask the probate clerk proactively exactly how and where they’d prefer you to submit all forms.

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Different probate forms or processes can require different deadlines or response times for completing the appropriate form.

While some steps in the process are bound to specific deadlines (like petitioning for probate, having to submit an inventory of assets, or filing applicable notices to creditors and beneficiaries), many probate forms or processes are not tied to a specific deadline since the scope of work can vary based on situational factors or requirements involved.

Either way, there are a bunch of practical reasons why personal representatives should work to complete each step as thoroughly and quickly as possible when completing probate in Pennsylvania.

5 reasons you should submit this form as quickly as possible:

1. The sooner you begin, the faster Pennsylvania can allow heirs and beneficiaries to get their share of assets subject to probate. Acting promptly can also decrease the costs & overall mental fatigue through an otherwise burdensome process.
   
   Helpful Context: What’s the Difference Between Probate and Non-Probate Assets?

2. In general, creditors of an estate usually have around 3-6 months from the time you file notice to creditors to file any claims for debt against the deceased’s assets. If they don’t, then that debt is forfeited (and more importantly, the executor won’t be held personally responsible). So doing this sooner means you have a better idea of who is owed what and ensures you won’t get a surprise collector months later.

3. Not filing a will within 30 days (on average) could mean that the probate process proceeds according to intestate laws (laws that govern what happens to someone's stuff without a will) or is subject to unnecessary supervision by the probate court. And if you aren't directly related to the deceased (a.k.a. next of kin), this could also mean you lose your inheritance.

4. It’s important to file any necessary state tax returns on behalf of the deceased or estate by the following tax season in Pennsylvania. If you don’t, you could owe penalties and interest. This also includes any necessary federal tax returns such as Forms 1040, 1041, or even a Form 706 estate tax return.

5. If a house in the State of Pennsylvania is left empty (or abandoned) for a while, insurance can get dicey. For example, if the house burns down and no one has been there for a year, an insurance company may get out of paying your claim.

If you’re not using Atticus to get specific forms, deadlines, and timelines for Pennsylvania probate, then try and stay as organized as possible, pay close attention to the dates mentioned in any correspondence you have with the State’s government officials, call the local Pennsylvania probate clerk or court for exact answers regarding Form Model Trust Account, and when in doubt— consult a qualified trust & estates lawyer for that area.

Model Trust Account is one of the many probate court forms available for download through Atticus.

It may also be available through some Pennsylvania probate court sites, such as . In order to access the latest version, be updated with any revisions, and get full instructions on how to complete each form, check out the Atticus Probate & Estate Settlement software or consider hiring a qualified legal expert locally within Pennsylvania.

While Atticus automatically provides the latest forms, be sure to choose the correct version of Form Model Trust Account f using any other site or resource in order to avoid having to re-complete the form process and/or make another trip to the Pennsylvania probate court office.

Model Trust Account is a .pdf, so opening it should be as simple as clicking “View Form” from within the Atticus app or by clicking the appropriate link found on any Pennsylvania-provided government platform. Once you’ve opened the form, you should be able to directly edit the form before saving or printing.

Here’s the text, verbatim, that is found on Pennsylvania Form Model Trust Account. You can use this to get an idea of the context of the form and what type of information is needed.

Model Trust Account IN THE COURT OF COMMON PLEAS OF ____________ COUNTY, PA. ORPHANS' COURT DIVISION NO. 12345 of 1994 FIRST AND FINAL ACCOUNT For the Marital Trust Established under the Will of John H. Doe, Deceased Stated by UPSTANDING TRUST COMPANY, Surviving Trustee and Mary W. Doe (Deceased Trustee, Died December 30, 2004) presented on her behalf by UPSTANDING TRUST COMPANY, as Executor of her Will John H. Doe, Died: 01/30/92 Date of First Receipt of Funds: 02/11/94 Accounting for the period: 02/11/94 to 06/15/06 Purpose of Account: The Trustees offer this Account to acquaint interested parties with the transactions that have occurred during the Administration. It is important that the Account be carefully examined. Requests for additional information, questions or objections can be discussed with: [Name of Counsel] [Address] [Address] [Telephone Number] Supreme Court I.D. No. ________ SUMMARY OF ACCOUNT PAGES PRINCIPAL Receipts 3 $ 158,259.02 Net Gain on Sales or Disposition 4-5 114,749.47 $ 273,008.49 Less Disbursements: General Disbursements 6-7 $ 3,782.36 Fees and Commissions 7 4,300.00-8,082.36 Balance before Distributions $ 264,926.13 Distributions to Beneficiaries 8 -10,703.79 Principal Balance on Hand 9 $ 254,222.34 For Information: Investments Made 10 Changes in Holdings 11-13 INCOME Receipts 14 $ 7,755.20 Less Disbursements 15 -72.40 Balance before Distributions $ 7,682.80 Distributions to Beneficiaries 16 -1,400.19 Income Balance on Hand 17 $ 6,282.61 COMBINED BALANCE ON HAND $ 260,504.95 ================ Verification 18 - 2 - PRINCIPAL RECEIPTS Prior Award: Assets Awarded trustees by Adjudication dated January 30, 1994, of Smith, J., upon the First Account of the Executors and the Schedule of Distribution pursuant thereto: Real Estate Premises 789 Main Street, Media, PA $ 10,000.00 Bonds $7,000 Bethlehem, PA General Bonds 1.75% due 04/01/1995 6,965.00 $20,000 Ohio Turnpike Commission Project One bonds, 3.25% due 06/01/2025 18,025.00 Common Stocks 352 Shs. American Telephone & Telegraph Co. 54,340.00 5 Shs. Southwest Rodeo Oil Co. 1.00 703 Shs. XYZ & Co. 67,663.75 $ 156,994.75 Checking account, Upstanding Trust Co. 264.27 $ 157,259.02 SUBSEQUENT RECEIPTS 03/15/94 Adjustment of Sewer Assessment 1,000.00 TOTAL PRINCIPAL RECEIPTS $ 158,259.02 =============== - 3 - PRINCIPAL GAINS OR LOSSES ON SALES OR OTHER DISPOSITIONS GAIN LOSS 07/02/94 103 Shs. XYZ & Co. Net Proceeds 25,614.54 Acquisition Value 9,913.75$ 15,700.79 04/06/95 100 Shs. XYZ & Co. Net Proceeds 22,226.25 Acquisition Value 9,625.0012,601.25 07/11/95 5 Shs. Southwest Rodeo Oil Co. Company declared bankruptcy Net Proceeds 0.00 Acquisition Value 1.00$ 1.00 03/22/96 1,056 Rts. American Telephone & Telegraph Co. Net Proceeds 1,484.41 Acquisition Value 1,484.41 03/12/98 1,056 Rts. American Telephone & Telegraph Co. Net Proceeds 2,507.00 Acquisition Value 2,507.00 12/29/01 $20,000 Ohio Turnpike Commission Project One bonds, 3.25% due 06/01/2025 Net Proceeds 18,450.00 Acquisition Value 18,025.00425.00 05/05/05 2,112 Rts. American Telephone & Telegraph Co. Net Proceeds 1,225.49 Acquisition Value 1,225.49 06/19/05 500 Shs. XYZ & Co. Net Proceeds 56,337.21 Acquisition Value 1.0056,336.21 08/09/05 $50,000 Commercial Credit Co., demand note Net Proceeds 50,000.00 Acquisition Value 50,000.00 FORWARD $ 85,063.25 $ 1.00 - 4 - PRINCIPAL GAINS OR LOSSES ON SALES OR OTHER DISPOSITIONS (cont'd) GAIN LOSS FORWARD $ 85,063.25 $ 1.00 09/22/05 852 Shs. American Telephone & Telegraph Co. Net Proceeds 39,503.92 Acquisition Value 19,816.7019,687.22 11/17/05 Premises 789 Main Street, Media, PA Sold receiving Purchase Money Mortgage $15,000.00 Cash 5,000.00 Less: Settlement Costs 1,200.00 as itemized in Principal Disbursements Net Proceeds 20,000.00 Acquisition Value 10,000.0010,000.00 11/17/05 $70,000 U.S. Treasury Bills due 11/19/2005 Net Proceeds 68,000.00 Acquisition Value 68,000.00 06/15/06 Mortgage on 789 Main Street Media, PA Principal received on account Net Proceeds 250.00 Acquisition Value 250.00 TOTALS $ 114,750.47 $ 1.00 ============== ============== NET GAIN TRANSFERRED TO SUMMARY $ 114,749.47 ============== - 5 - DISBURSEMENTS OF PRINCIPAL GENERAL DISBURSEMENTS Federal Fiduciary Income Tax 04/15/05 1st Qtr. Estimated $ 300.00 06/15/05 2nd Qtr. Estimated 300.00 09/15/05 3rd Qtr. Estimated 300.00 01/15/06 4th Qtr. Estimated 300.00 04/15/06 Balance 2005 172.00 04/15/06 1st Qtr. Estimated 290.00 06/15/06 2nd Qtr. Estimated 290.00$ 1,952.00 Pennsylvania Fiduciary Income Tax 04/15/05 1st Qtr. Estimated $ 100.00 06/15/05 2nd Qtr. Estimated 100.00 09/15/05 3rd Qtr. Estimated 100.00 12/30/05 4th Qtr. Estimated 100.00 04/15/06 1st Qtr. Estimated 90.00 05/15/06 Refund 2005 -27.00 06/15/06 2nd Qtr. Estimated 90.00553.00 05/15/05 Fire Insurance, 789 Main Street, Media, PA 50.00 11/17/05 Expenses re Sale of Premises 789 Main Street Media, PA: Commission $ 1,000.00 Transfer Tax 200.001,200.00 FORWARD $ 3,755.00 - 6 - DISBURSEMENTS OF PRINCIPAL (cont'd) FORWARD $ 3,755.00 GENERAL DISBURSEMENTS(cont'd) 06/15/06 Reimbursement to Smith, Jones and Brown, for Miscellaneous expenses, 02/11/06 to date: Postage and insurance $ 26.21 Telephone 1.1527.36$ 3,782.36 FEES AND COMMISSIONS To be paid: Smith, Jones and Brown Attorney's fees 4,300.00 TOTAL DISBURSEMENTS OF PRINCIPAL $ 8,082.36 =============== - 7 - DISTRIBUTIONS OF PRINCIPAL TO BENEFICIARIES To: Mary W. Doe 07/01/94 $7,000 Bethlehem, PA General Bonds 1.75% due 04/01/1995 $ 6,965.00 07/02/94 Cash 238.79$ 7,203.79 To: Goodworks Charity 05/04/06 Advance distribution, cash 3,500.00 TOTAL DISTRIBUTIONS OF PRINCIPAL TO BENEFICIARIES $ 10,703.79 =============== - 8 - PRINCIPAL BALANCE ON HAND FIDUCIARY VALUE AT ACQUISITION 06/15/2006 VALUE Bonds $120,000 ABC Corp, demand note $ 120,000.00 $ 120,000.00 $20,000 Indiana Toll Rd. Comm. East/West Revenue Bonds, 3.5% due 12/01/2022 13,600.00 17,275.00 Common Stocks 680 Shs. ABC Corp. 56,355.00 48,124.00 1,260 Shs. American Telephone & Telegraph Co. 57,015.00 29,306.40 Mortgages Mortgage on 789 Main Street Media, PA 14,750.00 14,750.00 $ 261,720.00 $ 229,455.40 Checking Account, Upstanding Trust Co. 24,766.94 24,766.94 TOTAL PRINCIPAL BALANCE ON HAND $ 286,486.94 $ 254,222.34 ================== ================== - 9 - PRINCIPAL INVESTMENTS MADE 12/28/01 $20,000 Indiana Toll Rd. Comm. East/West Revenue Bonds, 3.5% due 12/01/2022 $ 17,275.00 06/29/05 $50,000 Commercial Credit Co., demand note 50,000.00 08/18/05 $70,000 U.S. Treasury Bills due 11/19/2005 68,000.00 09/28/05 $120,000 ABC Corp, demand note 120,000.00 09/28/05 Mortgage on 789 Main Street Media, PA 15,000.00 TOTAL PRINCIPAL INVESTMENTS MADE $ 270,275.00 =============== - 10 - CHANGES IN PRINCIPAL HOLDINGS ACCOUNT VALUE American Telephone & Telegraph Co. 352 Shs. Awarded at $ 54,340.00 04/24/94 704 Shs.Rec'd in three for one split 0.00 1,056 Shs. $ 54,340.00 03/22/96 1,056 Rts. to subscribe to -1,484.41 additional stock sold 1,056 Shs. $ 52,855.59 03/12/98 1,056 Rts. to subscribe to -2,507.00 additional stock sold 1,056 Shs. $ 50,348.59 06/22/98 1,056 Shs.Rec'd in two for one split 0.00 2,112 Shs. $ 50,348.59 05/05/05 2,112 Rts. to subscribe to -1,225.49 additional stock sold 2,112 Shs. $ 49,123.10 09/22/05 852 Shs.Sold -19,816.70 1,260 Shs. $ 29,306.40 =================== ================== Premises 789 Main Street, Media, PA 0 Uts. Awarded at $ 10,000.00 11/17/05 Sold receiving -10,000.00 Purchase Money Mortgage $15,000.00 Cash 5,000.00 Less: Settlement Costs 1,200.00 0 Uts. $ 0.00 =================== ================== - 11 - CHANGES IN PRINCIPAL HOLDINGS (cont'd) ACCOUNT VALUE Mortgage on 789 Main Street Media, PA 09/28/05 Mortgage received on sale of said $ 15,000.00 premises 06/15/06 $250 principal received on account -250.00 $ 14,750.00 =================== ================== XYZ & Co. 703 Shs. Awarded at $ 67,663.75 07/02/94 103 Shs.Sold -9,913.75 600 Shs. $ 57,750.00 04/06/95 100 Shs.Sold -9,625.00 500 Shs. $ 48,125.00 07/09/97 0 Shs. 250 Shs. ABC Corp., received @ 47.6875 in one-half for one divestment distribution -11,921.88 500 Shs. $ 36,203.12 01/06/99 0 Shs. 180 Shs. ABC Corp received @ 79.00 in a 0.36 share of one divestment distribution -14,220.00 500 Shs. $ 21,983.12 01/04/00 0 Shs. 250 Shs. ABC Corp. received @ 96.0625 in a one-half for one investment distribution, normally $24,015.62 of which the following was applied to account value -21,982.12 500 Shs. $ 1.00 06/19/05 500 Shs.Sold -1.00 0 Shs. $ 0.00 =================== ================== - 12 - CHANGES IN PRINCIPAL HOLDINGS (cont'd) ACCOUNT VALUE ABC Corp. 07/09/97 250 Shs. Rec'd in distribution on 500 Shs. XYZ & Co. $ 11,921.88 01/06/99 180 Shs.Rec'd in similar distribution 14,220.00 430 Shs. $ 26,141.88 01/04/00 250 Shs.Rec'd in similar distribution 21,982.12 680 Shs. $ 48,124.00 06/15/06 0 Shs. 34 Shs. Received as a 5% stock dividend, transferred to income 0.00 680 Shs. $ 48,124.00 =================== ================== - 13 - RECEIPTS OF INCOME Waiver of Income Accounting An Income Accounting having been waived for the period from 02/11/1994 to 12/30/2004 by Upstanding Trust Company, Executor of the Will of Mary C. Doe, Deceased and from 12/31/2004 to 02/28/2006 by Goodworks Charity, a limited Accounting of Income follows: 02/28/06 Balance per last statement rendered $ 1,773.25 06/15/06 34 Shs. ABC Corp., 5% stock dividend @ $79.00 2,686.00 ABC Corp, demand note 03/15/06 Interest $120,000 $ 520.00 06/15/06 Interest $120,000 520.001,040.00 ABC Corp. 03/08/06 Dividend 680 Shs. $ 578.00 06/08/06 Dividend 680 Shs. 578.001,156.00 American Telephone & Telegraph Co. 03/01/06 Dividend 1,260 Shs. $ 296.10 06/01/06 Dividend 1,260 Shs. 296.10592.20 Indiana Toll Rd. Comm. East/West Revenue Bonds, 3.5% due 12/01/2022 06/01/06 Interest $20,000 350.00 Mortgage on 789 Main Street Media, PA 06/15/06 Interest 75.00 Upstanding Trust Company Checking Account 03/31/06 Interest $ 27.29 04/30/06 Interest 27.04 05/31/06 Interest 28.4282.75 TOTAL RECEIPTS OF INCOME $ 7,755.20 =============== - 14 - DISBURSEMENTS OF INCOME 06/15/06 Upstanding Trust Co. 5% commission on income collected 3/30/06 to 05/31/06 $ 72.40 TOTAL DISBURSEMENTS OF INCOME $ 72.40 ============== - 15 - DISTRIBUTIONS OF INCOME TO BENEFICIARIES To: Upstanding Trust Company, Executor of the Will of Mary W. Doe, Deceased - Income on hand as of 12/30/2004 03/12/05 Cash $ 650.19 To: Goodworks Charity 06/15/06 Cash 750.00 TOTAL DISTRIBUTIONS OF INCOME TO BENEFICIARIES $ 1,400.19 =============== - 16 - INCOME BALANCE ON HAND FIDUCIARY VALUE AT ACQUISITION 06/15/2006 VALUE Common Stocks 34 Shs. ABC Corp. $ 2,987.75 $ 2,686.00 $ 2,987.75 $ 2,686.00 Checking Account, Upstanding Trust Co. 3,596.61 3,596.61 TOTAL INCOME BALANCE ON HAND $ 6,584.36 $ 6,282.61 ================== ================== UPSTANDING TRUST COMPANY By______________________________ Walter Trust, Vice President Surviving Trustee under the Will of John H. Doe, Deceased AND UPSTANDING TRUST COMPANY By______________________________ Walter Trust, Vice President Executor of the Will of Mary W. Doe, Deceased Trustee - 17 - VERIFICATION WALTER TRUST, Vice President of Upstanding Trust Company, Surviving Trustee under the Will of JOHN H. DOE and Executor under the Will of Mary W. Doe, Deceased Trustee under the Will of John H. Doe, hereby declares under oath that said Trustees have fully and faithfully discharged the duties of their office; that the foregoing First and Final Account is true and correct and fully discloses all significant transactions occurring during the accounting period; that all known claims against the Trust have been paid in full; that, to his knowledge, there are no claims now outstanding against the Trust; and that all taxes presently due from the Trust have been paid. This statement is made subject to the penalties of 18 Pa. C.S.A. Section 4904 relating to unsworn falsification to authorities. ________________________________ WALTER TRUST Dated:______________________________ - 18 -