Taking Inventory For Probate
One of your key responsibilities as the executor of an estate is to take inventory and identify all of the assets and debts related to the estate. Some will be readily apparent, while others will require some digging and detective work on your part.
Even if the decedent did some pre-death estate planning and left behind a comprehensive and well-organized set of documents, you will still have your work cut out for you as you take inventory.
One document that can prove very helpful is the decedent’s most recent tax return - it will provide information about assets and debts. As time passes, additional assets and debts often surface through various mailings and notifications.
Estate assets will include:
- Real estate
- Mutual funds
Assets are anything that has value. Similar assets can be lumped into one category; for example, six individual stocks don’t each to be listed on your inventory. Instead, they can be lumped together under a single category such as “Fidelity Brokerage Account.”
Debts will include things like:
- Car loans
- Outstanding credit card bills
- Any unpaid loan balances
Small debts like utility bills and rent payments can be paid by the estate while it’s being settled and don’t need to be inventoried as debts.
Questions Concerning Probate and Real Estate?
Certain aspects of settling an estate, like handling an estate’s real estate holdings, may be outside your area of expertise or comfort zone. If in doubt, work with a professional.
If you have questions concerning probate and real estate in Tarrant, Parker, Wise, Collin, Denton, or Dallas County, contact David Pannell and Cities Real Estate. David has extensive experience helping families with their real estate needs before, during, and after the probate process.
David has been an agent/realtor since 2005. He has served as a United States Marine, City of Arlington police officer, and is a dedicated family man. You can trust him to put your interests first in any and all situations.
Call David today at (817) 797-9047 for help with your real estate and probate needs. You will be treated respectfully, and your requirements will be met efficiently and confidentially.
NTREIS data last updated December 2, 2023.