“Inventory, Appraisement, and List of Claims”… What’s that?!
The Inventory is a document that contains a verified, full, and detailed inventory of all estate property that has come into the possession of the personal representative or of which the personal representative has knowledge. The inventory must include all real and personal property of the estate and its classification. The personal representative is required to set out in the Inventory the representative’s appraisement of the fair market value of each item listed. These values are calculated according to the date of death of the decedent. Once complete, the Inventory is recorded in a sworn document and filed with the court. Because there is a deadline to file the Inventory, the personal representative must work diligently to obtain the above mentioned information in a timely manner.
After the Inventory is filed, the judge will examine and approve or disapprove the Inventory. Once approved, the personal representative may move forward and take the appropriate steps to conclude the estate. When tasked with having to complete an Inventory, an attorney’s guidance can be invaluable. If you need assistance in probating your loved ones estate and correctly completing the required Inventory, Appraisement, and List of Claims or would like to discuss the intricacies related to such process, the attorneys at Waldron & Schneider, PLLC are here to assist.
The legal information in this blog entry is not intended to be a substitute for seeking personalized legal advice from an attorney licensed to practice in your jurisdiction. Further, nothing contained in this article is intended to create an attorney-client relationship with any reader. By using this website you understand that there is no attorney client relationship between you and this firm. The article and website should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.
Waldron & Schneider wishes everyone a safe and Happy 4th of July. ... See MoreSee Less
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Associate Attorney Collin Bullard writes about the disadvantages of a general partnership in his blog.
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Disadvantages of a General Partnership
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Disadvantages of a General Partnership The Texas Business Organizations Code defines a partnership as “an association of two or more persons to carry on a business for profit.” Whether those indiv...1 CommentComment on Facebook
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Waldron and Schneider wishes Partner Richard Simmons a happy early 50th birthday!!! ... See MoreSee Less
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Congrats, Richard. Make sure to have some fun tomorrow.
HAPPY EARLY BIRTHDAY DAD
Happy Birthday!!🎉🎂
Associate Attorney Collin Bullard writes about the importance of buy sell agreements in his blog.
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The Importance of a Buy/Sell Agreement
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The Importance of a Buy/Sell Agreement Many small business owners understand the importance of creating an LLC or similar entity to protect the individual owners from potential liabilities of the c…1 CommentComment on Facebook
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Congratulations to Emily Simmons (daughter of partner Richard Simmons) who competed in the National American Miss Pageant this weekend! She was the Heart of service Winner!!! 4th runner up overall!! 3rd in Casual wear!!! ... See MoreSee Less
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