The probate process can be much more detailed and tedious than you ever expected. Much of this is attributable to the accounting process. After all, the estate administrator is required to inventory the estate so that all assets and debts are identified and properly disposed of.
The challenges of inventorying the estate
Although that may sound simple enough, conducting an inventory of the estate’s assets and liabilities can actually be rather complex. This is because assets and debts are not always easily ascertainable, and their values can be in dispute. That’s why often in these situations the estate’s assets have to be valuated, and those values may be challenged by those who have an interest in the estate.
This is because the estate plan in question may leave a specific value rather than specific assets to named beneficiaries. Additionally, the value of the estate’s assets can have tremendous tax implications.
What goes into the inventory process?
The inventory process is quite detailed. The estate administrator will have to assess each of the following:
- Bank accounts
- Investment accounts
- Pension plans
- Insurance policies
- Real estate
- Household items
- Pieces of personal property
- Vehicles
- Credit card debt
- Mortgages
- Auto loans
- Business liabilities
- Student loans
- Medical bills
As you can see, there is a lot to take into account, which can make the process cumbersome.
Know how to competently navigate the probate process
The probate process can be incredibly nuanced. But if you want to successfully navigate it, you have to know how to abide by the law and ensure that statutory requirements are fulfilled. If you’d like assistance in ensuring that that occurs, you may want to consult with a legal professional as you navigate the probate process.
