How Do I Conduct an Estate Inventory?
When a loved one passes away, their estate may need to go through probate – a court-supervised process where the deceased person’s estate is settled, debts are paid, and assets are distributed to heirs. An executor oversees this process and must submit a detailed inventory to the probate court.
During probate, the executor has several responsibilities, including collecting assets, determining fair market values, establishing ownership status, and liquidating assets if needed to pay debts. Before distributing any assets to heirs, the probate court requires a comprehensive estate inventory.
An estate inventory lists all assets belonging to the deceased, and may also include their liabilities or debts.
Assets Included
- Bank accounts, checking accounts, savings accounts, money market accounts and CDs
- Investment accounts
- Business interests
- Real estate
- Pension plans and workplace retirement accounts, such as 401(k)s, 403(b)s and 457 plans
- Life insurance, disability insurance, annuities and long-term care insurance
- Intellectual property, such as copyrights, trademarks and patents
- Household items
- Personal effects
Liabilities Included
- Home mortgages
- Outstanding business loans, personal loans and private student loans
- Auto loans associated with included vehicles
- Credit cards and open lines of credit
- Unpaid medical bills
- Unpaid taxes
- Any other outstanding debts, including unpaid court judgments
Generally, there is no asset or liability too insignificant to be included in the estate inventory. A thorough and accurate inventory protects the executor and ensures all beneficiaries receive their fair share.
If you or a loved one needs assistance with probate, elder law, or estate planning issues, do not hesitate to contact The Stegall Law Firm. We are here to help.
