The probate process involves many steps and procedures, all necessary to administer the deceased’s estate. An essential step that the executor cannot overlook is organizing the assets by creating an estate inventory. This document may seem like a simple list, but it could become more complex based on the circumstances and the estate’s size.
What to include in the inventory
When creating an estate inventory for probate, it should have the monetary value of each asset, which is why some recommend hiring a financial professional to help out. This list also has other factors aside from keeping the estate in order. The executor can use it as a basis when sorting out estate taxes and other details. To ensure the inventory serves its purpose, it should include the following:
- All forms of real estate properties– Whether land, buildings and other real estate types, they should be in the inventory.
- Financial and retirement accounts– These assets include all bank and retirement accounts under the deceased’s name.
- Other assets with monetary value– Vehicles, insurance policies, business shares and other parts of the estate fall under this category.
Additionally, the executor should list the deceased’s debt and other unpaid financial obligations. Complex estates may also require thorough investigations and specific services to determine each asset’s value accurately.
Knowing when to ask for help
Being an executor is a tough job, and the tasks can be too many for one person. Sometimes, it can be wise to seek legal guidance, especially when the estate involves considerable or unique properties that can be challenging to evaluate. Experienced advice can also help appointed executors maximize the time and money spent going through probate.
