Probate requires the distribution of an estate according to a will, or the laws of Wisconsin. A probate attorney can help. If you’re named as executor of an estate, you will be tasked with identifying all the assets of the decedent. Let’s look at some of the options you may have for identifying assets:
Yahoo Finance’s recent article entitled “What Is Included in an Estate Inventory?” says you may also be able to find assets for an estate inventory by talking to the decedent's financial advisor, estate planning attorney, or relatives. An executor must be as thorough as possible, so the final inventory list submitted to the probate court is accurate and complete.
If you're planning your estate, you can make this job easier for your executor by creating an estate inventory yourself. Keep a copy of this inventory with a copy of your will, if you have one in place. (If you don’t have a will, draft one sooner rather than later.) If you pass without a will in place, your assets would be distributed according to state law.
A personal estate inventory might include:
The executor's job can be simplified by making a list of any liabilities or debts that you owe. This can include a mortgage on your home, auto loans, private student loans, credit cards, installment loans, business loans, tax liens, medical bills and personal loans. Once you complete your personal estate inventory you may want to file a copy of it with your estate planning attorney. Review your inventory annually to make certain that it's up to date.
Knowing what’s included in an estate inventory can make your job as an executor easier. If you submit an incomplete inventory, it may delay the probate process.
An estate planning attorney can make your job much easier and ensure that your loved one's estate is properly distributed. If you're in the Madison, WI area call our probate lawyer today for help.
Reference: Yahoo Finance (Feb. 15, 2022) “What Is Included in an Estate Inventory?”