Steps for Preparing an Estate Inventory for Probate
Preparing an estate inventory is one of the most crucial steps of the probate process. This is the job of the executor. An estate inventory is a list of a decedent’s assets. Often, preparing an estate inventory is not a small task. This process entails a number of steps. Fortunately, you don’t have to do this alone. Help is available. A probate attorney can help you prepare an estate inventory for probate. However, even before you reach out to an attorney, read on to learn about the importance of preparing inventory for probate and the steps for preparing an estate inventory for probate.
What Is the Importance of Preparing an Estate Inventory?
So, what is the importance of preparing an estate inventory for probate? Preparing an estate inventory for probate is crucial as it helps show what the decedent’s estate comprises. The purpose of inventorying and appraising an estate is to determine how much the estate assets are worth. Inventorying and appraising estate assets helps show the legal costs that are due at the end of the probate process. Preparing an inventory of estate assets and appraising the assets can also help to ensure that assets are distributed to beneficiaries in accordance with the stipulations of the Will.
Steps for Preparing an Estate Inventory for Probate
As mentioned earlier, preparing an estate inventory for probate is not an easy task. It can be a tedious job. However, you must ensure you do an accurate job. You have a fiduciary duty to prepare a detailed and precise inventory that can enable you to obtain an accurate estate appraisal. In order to ensure you do an accurate job, there are four steps you need to follow. Below are the steps;
Identify All Estate Assets
The first step to preparing a thorough and accurate estate inventory is identifying estate assets. The decedent’s Will is a good place to begin when trying to identify estate assets. The Will may include a list of the assets you need to include in the inventory. Checklists are also available that can help you with identifying estate assets.
Take Extra Steps To Prepare the Inventory
In your inventory process, you may have to search many different places to find all the assets the decedent owned. Ensure you turn over every stone when preparing an estate inventory for probate.
Note Down Key Details of Assets
For example, you can list a vehicle’s model, make, Vehicle Identification Number (VIN), color, year, and current mileage. When it comes to a house, you might list its address, location, and legal description.
Fill Out Inventory
The final step of preparing an estate inventory for probate is filling out the required forms. You can get the necessary forms from the probate court overseeing your case. When filling out inventory, ensure you do so in a manner the probate court will accept.
Contact The Probate Guy
If you’re the executor of a loved one’s estate and need help with the probate process, contact the skilled and dedicated California probate attorney, Robert L. Cohen – The Probate Guy – today to schedule a telephonic consultation.
Southern California Probate Lawyer Serving Orange, Riverside, Anaheim, Whittier & Beyond.
