When someone passes away, many considerations must be made regarding their estate. Many assume the only thing that must be done is to plan their services, which is far from the truth. Unfortunately, you may find that if you are in charge of probating the will, this can be an incredibly complex process. One thing you may be unfamiliar with is the inventory and appraisal step of probate. If you’re unsure of what this process includes or why it’s necessary, the following blog can help. You’ll also discover why enlisting the assistance of an experienced Pasco County, FL probate lawyer is vital.
Why Is Inventorying and Appraising an Estate Necessary?
Many are unsure about the purpose of inventorying and appraising a person’s estate. However, this is essential to understand the total value of their assets and to help identify assets that may have been left out of their estate plan. This helps ensure that all assets are accounted for and their value is determined so the beneficiaries can receive their inheritance in accordance with the deceased’s wishes.
Generally, you will have sixty days from when you are officially appointed as the personal representative to complete this process.
What Are the Steps During the Inventory and Appraisal Process?
When you are ready to start this process, understanding your responsibilities is essential. You should first begin by creating categories of assets to include, like real estate, bank accounts, debts, personal belongings and digital assets. Next, you’ll need to go through and list each asset in the property category. You should provide as much detail as possible about these items. For example, if listing a home, you’ll want to include the address, square footage and how many acres the land is.
Once you have all the assets listed, you’ll need to find someone to appraise the value of these items. It’s important to ensure this is done by a professional, as they will provide the most accurate approximation of value for these items.
You’ll need to look high and low for assets, combing through documents, drawers and receipts to ensure you’ve located all property during this process.
What Should I Do if I Need Assistance During These Times?
Unfortunately, the probate process is notoriously complex and overwhelming. When combined with the grieving process, it can often be too much for one to handle. As such, if you need assistance with inventorying and appraising an estate, enlisting the help of an experienced attorney is critical.
At the Law Offices of Matthew J. Jowanna, our dedicated legal team understands the complexities of this matter. Whether you’re about to embark on the probate journey or realize you need assistance, we can help. Our team is ready to guide you through this process to ensure everything goes as smoothly as possible. Contact us today to learn how we can assist you.