Tuesday, February 01, 2011 NEET Tips
NEET Tips answers questions posed online to the NEET website
What is an estate inventory?
An estate inventory is most often used in the context of probate proceedings. It is the list of assets owned by the decedent before death, which will be subject to the probate court proceedings, as compiled by the executor. This might include bank accounts, vehicles, real estate and miscellaneous property. Some assets avoid probate, such as real estate that passes to a joint owner by operation of law or financial accounts that have a valid beneficiary designation. Non-probate assets would not appear on the estate inventory.
Typically, the probate court requests an estate inventory shortly after the executor is named, and then requires regular accountings of what changes, if any, affect the estate inventory. At the end of the probate process, the executor must account for all probate assets listed on the original estate inventory, and any added since then, as well as indicate the proposed distribution plan. Following the probate court’s approval of the final estate accounting, the executor distributes the estate assets pursuant to the distribution plan. |