If you are serving as the executor of someone’s Last Will and Testament (LWAT), one of the most important tasks you will need to do is to complete an inventory of the decedent’s estate. This could feel like an overwhelming process, especially if the deceased person had a lot of assets. However, knowing more about the process you are about to embark on can help you feel a lot more prepared. Here is everything you need to know about an estate inventory.
An inventory of the decedent’s estate should include a complete list of all a decedent’s assets that might be subject to probate. When you compile this list, you will also need to provide an appraisal of the value of each item. As executor, you generally have between 30 and 90 days from the date of death to complete the inventory process.
It is important that you complete the inventory carefully and thoroughly. This is because it will outline how the decedent’s debts are to be settled, what taxes need to be paid, and how the estate is to be distributed among the beneficiaries listed in the will.
If you need assistance with marshalling and completing an inventory of the decedent’s estate, please contact us to schedule an appointment.
