What Is Included in an Estate Inventory?
Category: Estates | Inheritances
When someone passes away, it may be necessary for their estate to go through probate. This is a court-supervised process in which someone’s estate is settled, outstanding debts are paid and assets are distributed to the deceased person’s heirs.
An executor is charged with being the individual who oversees the probate process. One of the most important tasks on an executor’s checklist is submitting a detailed inventory of the estate to the probate court. Knowing what’s included in an estate inventory can make the probate process easier to navigate. For help with estate planning, consider speaking with a financial advisor about your situation.
What Does Inventory Mean in Probate?
Inventory in probate means much the same thing as it does in any other context. It’s a thorough listing of a decedent’s assets. So why is this important to have?
During probate, the executor is charged with several duties, including:
- Collecting assets
- Accurately estimating the fair market value of all assets in the estate
- Determining the ownership status of each asset
- Liquidating assets to pay off outstanding debts, if necessary
The estate inventory is central to this process. The probate court will need to see an inventory of the estate’s assets before distributing those assets to the deceased person’s heirs. Distributions can follow the specific behests laid out in a will. In the case of someone who dies intestate, assets are distributed according to state inheritance laws.
Establishing accurate asset valuations is also important because of the tax implications that may be involved. An executor may work with a tax professional or estate planning attorney to determine how much each asset is worth in order to maximize tax savings to the estate.
What’s Included in an Estate Inventory?
In simple terms, an estate inventory includes
See the original article here: https://finance.yahoo.com/news/included-estate-inventory-194615735.html
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