When responsible for overseeing the Probate of an estate, understanding your numerous obligations is crucial. Generally, one of the areas people have the most questions about regards the inventory and appraisal of the estate. If you are about to embark on this process, understanding the steps you must take is critical. As such, the following blog explores what this entails and what steps you must take to ensure everything goes smoothly. Keep reading to learn more and discover why enlisting the help of a Medina County, Ohio Probate lawyer is essential if you need assistance with this complex matter.
What Is the Point of Inventorying an Estate?
When someone passes away and their estate goes through Probate, their assets and property must be inventoried and appraised. This is necessary to determine the value of the deceased’s estate. Not only does this determine what form of Probate the estate will qualify for depending on the value, but it also helps during the distribution process.
In some instances, items may be donated or discarded, while others are worth considerable funds. This helps ensure that the items are distributed per the terms of the Will.
What Are the Steps in the Inventory and Appraisal Process?
If you are ready to begin the inventory and appraisal process, one of the first steps in this process is to start by creating a list of all the assets in the estate. Essentially, this means you’ll need to locate and note down the following assets:
- Personal belongings
- Real estate
- Vehicles
- Financial accounts
- Insurance policies
- Investments
- Business assets
It’s also important to note any debts owed by the deceased or the estate.
Once you have identified all assets, you’ll need to make details about them. However, the details you note down will depend on the kind of asset it is. For example, if you find a bank account, you’ll want to write down where it’s located, the account number, and how many funds are stored. Notes about a car can include the make, model, year, and VIN.
Once you have the assets listed, you’ll need to have these assets appraised to determine the total value of the estate. In many instances, this can be an incredibly complex process, so enlisting the assistance of appraisers who can accurately determine the value of these assets is essential.
What Should I Do if I Need Assistance During Probate?
The Probate process can be complex. Not only do you have to inventory and appraise the entirety of the deceased’s estate, but you must file a considerable amount of paperwork during this step of Probate. As such, it’s in your best interest to work with an experienced attorney.
At Krause Law, we understand the complexities of Probate. That’s why our team is ready to assist you during these challenging times. Whether you need help getting the process started or realize it’s too much to handle on your own, we can help. Contact us today to learn how we can assist you.
