The probate process is the state procedure for distributing the property of a person who has passed away without a valid will in effect. The probate process has many stages, including the appointing of an executor, management of debts, and distribution of the property. One important step is the inventorying of the deceased person’s property.
The probate estate inventory process involves the truthful and accurate listing of the entirety of the deceased person’s belongings. This can include:
Basically, the purpose of the inventorying stage is to determine which assets the person owned. This will help the court decide which persons receive the various items. In the process of inventorying, the court may require that the property items be valued according to market prices, especially if the beneficiary will be receiving money instead of the actual item.
Also, some of the items may be subject estate taxes, and the inventorying process is greatly tied to tax laws. In fact, in many jurisdictions, some estates may not be subject to certain probate provisions if the property doesn’t amount to a certain dollar value.
The property may be inventoried by the deceased person’s executor, which is a person who is entrusted with handling such matters after their death. If no executor was named, the court may appoint one, who can then oversee the inventorying of property.
In some cases, the executor may also enlist expert professional may be needed, especially if there is some dispute as to the value or ownership of a piece of property. For example, a property appraiser can be hired to determine the value of a home, or a lawyer can be hired to determine how property should be classified.
This is also a common problem during the probate process. Disputes over probate estate inventory can arise due to:
Thus, it’s important to work only with trusted person who knew the deceased person well. If possible, the inventorying should be done by a person who is familiar with the testator’s general intentions and desires regarding their property.
The inventory process can be a major project, especially if there is a significant amount of property involved. You should be working with an experienced wills/trusts/estates lawyer when dealing with probate requirements. A qualified lawyer can help you avoid various delays and disputes associated with property distribution. Also, a lawyer can help inform you of any changes to the laws in your region.
Last Modified: 11-02-2012 11:13 AM PDTLaw Library Disclaimer
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