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Taking inventory of an estate’s assets

Surviving family members may find themselves wondering how to go through the probate process. Even with a competent executor handling representation duties, administering an estate may come with challenges. Organized executors who understand the importance of taking an inventory of assets could move things a little faster through California probate proceedings.

The value of an inventory

When the executor takes inventory of an estate, the executor performs an audit to determine all the assets and belongings the deceased owned. Before the conclusion of probate, assets bequeathed to beneficiaries will need to go to them. Without a proper accounting of what the estate held, things could take longer than expected.

During estate planning, a testator could make things much easier for the executor by keeping a file of vital documents. Everything from bank statements to insurance policies to paperwork related to the funeral arrangements would surely make things easier for all involved.

Keeping copies of all documents in a file at an attorney’s office could be helpful. The second file and its various copies might include things lost or missing from the deceased’s home.

Other issues of concern during probate

Assets are not the only things addressed during probate. The deceased might have debts and other obligations, and the executor would likely face tasks to pay outstanding balances owed. Also, an executor may need to deal with utility companies and tax agencies, among others. Easy access to related documents could help the probate process.

It may be wise for a person to speak to their chosen executor not long after writing their will. The discussion might provide a decent opportunity to discuss the location of documents and what assets exist.