What Does it Mean to Inventory Assets in Someone’s Estate?

After someone passes away in California, an executor will either be appointed through the will or by the California courts to administer the estate. In order to determine the full scope of the estate, pay taxes and other debts, and distribute property to loved ones or other beneficiaries, the first step an executor must undertake is inventorying all of the assets.

If the person did estate planning in advance of their death, they may already have a short list or full list of all of their assets, making it easier for the executor. Note that not every asset moves into the probate process, such as those held in a living trust, those held in joint tenancy, and most life insurance policies. However, assets that are typically included in California probate asset inventory include mutual funds, bonds, stocks, motor vehicles, real property, and other personal property.

Appraisal may also be required to determine the fair market value of any non-cash assets. This process can be confusing for someone to undertake without proper preparation. 

By thinking carefully about who to name in your will as your estate executor, you can make this process easier for them. It is also good to sit down at least once a year to review your existing asset inventory and update it as necessary. This will make the executors work that much faster, meaning that your beneficiaries will be eligible to receive the assets you wanted them to have sooner.

With a clear inventory and a streamlined process for your executor, you can gain peace of mind. Make sure your executor knows where to locate important documents like your inventory. Need further help with your estate plan? Let our Pasadena estate planning attorney help.

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