how to get inventory of estate assets from lawyer who made will

by Gia O'Keefe 5 min read

What is an inventory of the estate’s assets?

Probate inventory. Let us help you organize the information you need at a difficult time with this simple estate inventory template. Use our probate inventory template spreadsheet to record the details you need to settle an estate. This is an accessible estate inventory template.

When do I need to file an inventory of probate assets?

Asset Inventory Use this section of the Workbook to create an inventory of the estate assets. You will need to determine the market value of each estate asset at date of death. Review all records, including financial statements, insurance policies and tax returns to obtain market values. You may also need to get an appraisal of personal items.

What are the executor’s responsibilities with the Inventory of assets?

Nov 06, 2017 · If the details of the estate item are similar to the details of the sold item, then you have a reference point when completing the estate inventory. The Estate Inventory – The Effort Will Pay Off in the End. When you have uncovered all real and personal property that can be found and have chosen a reasonable method to obtain the date-of-death valuations, you then can …

Who is responsible for preparing an estate inventory?

Jul 26, 2021 · Early in the probate process, an executor is required to provide the probate court with an inventory of the estate’s assets. This inventory lists every asset in the estate as well as its estimated value. That means it includes property (like houses, cars, and jewelry) as well as bank accounts, retirement or investment accounts, and stocks and bonds. A probate inventory …

How do you find the assets of a deceased person?

You can then go to the bank or business to determine what assets the decedent held there....Step 1: Look through your loved one's personal propertyA will.Trust documents.Deeds.Bank statements.Life insurance policies.Payable-on-death accounts.Tax returns.Other estate planning documents that may identify property.Sep 20, 2021

What assets are considered part of an estate?

An estate asset is property that was owned by the deceased at the time of death. Examples include bank accounts, investments, retirement savings, real estate, artwork, jewellery, a business, a corporation, household furnishings, vehicles, computers, smartphones, and any debts owed to the deceased.

What happens to assets not mentioned in a will?

If the deceased left no valid will, or a will that did not deal with the property, it is dealt with under the law of intestacy. If the deceased held property with another person or people, the deceased's executor or administrator needs to find out how the property was owned.

Are personal belongings part of an estate?

For most ordinary folk (me included) the cash value of their personal belongings ('chattels') is modest and will form but a tiny part of the overall value of an estate on death.Jul 30, 2018

What is estate inventory?

Preparing and filing an estate inventory is an essential duty for the estate’s personal representative (the executor if there is a Will or the administrator if there is no Will). This is set forth in Section 3301 of the Probate, Estates and Fiduciaries Code in the Pennsylvania Consolidated Statutes. How this is done and why it is important need to be understood.

What accounts should be included in estate inventory?

With financial accounts , you should include individual account types and numbers in the estate inventory. Investments must be documented and valued. Among these are 401 (k) accounts, IRAs, pensions and retirement savings, stocks, bonds, mutual funds, and annuities.

Why is estate inventory important?

There are other reasons that make the estate inventory important for the personal representative. It can be useful when preparing the inheritance tax return because it includes assets and related information about those assets that will appear on various schedules of the return.

What rights do you have when you die in Pennsylvania?

These rights – if they exist at death – are estate property and must be listed in the estate inventory. A personal representative can work with the financial institutions to obtain theses values. Also, you could find previously unknown assets being held by Pennsylvania’s Bureau of Unclaimed Property.

Why do you have to do personal representative in Pennsylvania?

Of course, as mentioned earlier, Pennsylvania law names this task as a duty that a personal representative must fulfill so you have to do this because Pennsylvania tells you that you must. However, there are reasons that this duty exists. One reason is that the estate inventory tells everyone with an interest in the estate all ...

Who must file a list of all real estate in Pennsylvania?

Basically, the personal representative, who is in charge of the estate, must file a list of all real and personal property in the estate that is located in Pennsylvania. The property that is included is any property that the decedent owned solely or as a tenant in common. Property owned jointly with survivorship rights as well as property ...

Should you include the full address of a property?

Real estate should be described well enough to be identified by someone looking at the estate inventory. Therefore, you should include its full address. The type of property may lead to some less-than-obvious considerations.

Probate and executor duties

You have a lot on your plate right now. You may be feeling overwhelmed. You may still be grieving the loss of a loved one.

Probate inventory vs probate accounting

Early in the probate process, an executor is required to provide the probate court with an inventory of the estate’s assets.

Receipts and releases for executor accounting

In most probate cases, the executor will prepare an informal accounting for the beneficiaries. Along with the informal accounting (which could be as simple as an Excel spreadsheet), the executor will include a receipt and release document.

What is the purpose of an estate inventory?

Of course, an estate inventory will include the financial assets of the decedent. So it will be the executor’s job to locate all bank accounts and safety deposit boxes that he owned. A death certificate can help him prove to a bank that the decedent has truly passed away.

Who will look for all of the assets of the decedent?

This will be the job of the executor . He will have to look for all of the assets of the decedent and make sure that they are protected and legally written under the decedent’s name.

How does a decedent choose his executor?

The decedent usually chooses his own executor by appointing a name in his will. But, in cases where a will is not present, the court will appoint a next of kin for the position. You may also like landlord inventory examples. 3. Locating the decedent’s assets. This will be the job of the executor.

What happens when a decedent has a property whose market value cannot be determined at that time?

5. If the decedent has a property whose market value cannot be determined at that time, it should be listed on the inventory as unknown . However, when the value is determined, the document must be amended to include the price of the said property.

What is probate code?

Probate codes are specific laws that each state follows when dealing with probating an estate. Aside from a few differences, most probate codes are similar everywhere. The following steps are what probate typically involve:

What does executor do?

Since he will be the one who faces the court, the decedent’s creditors, and other legal and financial personalities affected by the death, he will have to carry all the paperwork and fiscal responsibilities before the court can give him the estate he rightfully owns. You may also see restaurant inventory examples.

Why do executors have to determine the decedent's creditors?

So to avoid any future complications and even legal responsibilities , the executor must also determine the decedent’s existing creditors so that he can inform him of the death. You might be interested in school inventory examples.

What is the accounting process of an estate?

The Accounting Process of an Estate. The accounting process of an estate is an integral part of the probate process. Although estate law is different in many states, all states allow beneficiaries access to a final accounting. Therefore, an executor of an estate must produce a final accounting to close the estate.

What skills do executors need to complete a final accounting?

In common estates, an executor must possess organizational skills and basic bookkeeping skills to complete a final accounting. Essentially, balancing the final account is similar to balancing a checking account in a common estate.

What is final accounting in probate?

As explained in the article Closing an Estate in a Formal Probate Process, the final accounting is part of the closing process that reveals to the beneficiaries how the executor handled the money and property of the estate. Therefore, before an executor can close an estate, the beneficiaries must approve the final accounting.

Is the final accounting of an estate a financial statement?

Fortunately, for common estates, the final accounting is not an elaborate financial statement. Instead, it’s plugging in numbers by category on forms provided by the probate court. The numbers will come from the estate bank account and the final Inventory of Assets making the accounting process more of a bookkeeping process.

4 attorney answers

I am sorry for your loss. As personal representative, you do not need to inventory each pair of shoes. You can estimate the fair market value of clothing as one entry. If there is jewelry of value, it should be entered separately. If it is costume jewelry, it can be estimated as one entry.

Ruth Elaine McMahon

First, I am sorry for your loss. As my colleagues have advised you, you don't need to make an endless list of personal property. Your best approach is to just use common sense. Personal property is a pretty broad category and can include very valuable items as well as an array of items that have little if any extrinsic value.

Robert Phillip Odle

I would itemize any items that are given to particular people in the will if any. The other goods can be lumped together as household goods. Whether I'd place a value on those (or just state "unknown") would depend on other factors in your case, but there is no need to commit to a value on goods.

What does a good realtor do for probate?

A good realtor that understands your probate needs can also help you maintain the property by using people in his/her network. You must take exclusive control of an estate’s cash. Do not permit another person to have access to an ATM, debit or credit card, bank account.

What is the biggest component of an estate?

Real Estate is the biggest component of the estate’s assets. Depending upon your desired outcome and goals you should know that you have options in real estate. The basic and straight forward approach is to list with a local realtor.

What is probate court?

To put it simply, probate is the process the probate court uses to make sure the deceased person’s creditors are paid through estate settlement and that anything left goes to the deceased’s beneficiaries. Unfortunately, the probate and estate settlement process can be anything but simple, depending on the size and nature ...

What to do if a deceased person has debts?

If the deceased’s estate has debts or the deceased owned real estate some form of probate estate administration will be needed. Preparing an accurate inventory of assets , which should only reflect assets that have actually been collected and placed under the control of the administrator or executor, is important. One must account for everything and understand where and how things will pass to the deceased’s heirs either under the Will or by intestate succession. For example, does the estate include jewelry, collections or family heirlooms to be passed on? Are there oil, gas or mineral rights or royalties that need to be disposed of?

Can you market your real estate too late?

MARKETING REAL ESTATE TOO LATE. Do not make the mistake of waiting too long to market any real estate, if you’d like to settle the estate as quickly as possible. Once you have been approved as administrator or executor of the estate, you can begin soliciting offers on the real estate.

Is probate and estate settlement simple?

Unfortunately, the probate and estate settlement process can be anything but simple, depending on the size and nature of the assets to be administered, the number of parties involved in the probate and estate settlement process, how well those parties get along, and many other factors. Complex probates and estate settlements are made all ...