“Inventory, Appraisement, and List of Claims”… What’s that?!

If your family member or friend has passed away and you are forced to probate their estate, the probate process can quickly become overwhelming and confusing. Once named as personal representative, there are many requirements that must be met in order to finalize and successfully probate an estate. One of the more challenging tasks as the personal representative of an estate is completing the court required Inventory, Appraisement, and List of Claims (“Inventory”).

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.
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