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A probate inventory is a detailed list of an estate’s elements, including their estimated value, prepared by the executor or representative. It is used for tax purposes and may require input from appraisers. The inventory is filed in court and made available to interested parties. It includes information about liens and ownership and is used to determine how the estate is distributed and taxed. The completed inventory is kept for future reference and can be used to settle disputes.
The probate inventory is a detailed listing of all elements of an estate, prepared for the purpose of moving the estate through the estate and addressing the tax issues associated with the estate. In some regions, the inventory must be filed in court with other probate documents and must also be made available to all interested parties. It is prepared by the executor or a representative and may involve input from individuals such as appraisers if their expertise is deemed necessary.
In the probate inventory, the executor lists the items of a person’s estate and their estimated value at the time of death. Items of similar types tend to be grouped together. Instead of listing all the furniture or all the kitchen utensils, for example, the executor would say “furniture” or “kitchen items” and give an estimate of the value of everything together. For more expensive items such as houses, cars, artwork, complex electronics, and so on, individual itemized inventory lists would be provided.
In addition, the probate inventory provides information about liens and ownership, if known. If there are liens or liens, they should be listed to give a complete picture. The probate inventory may also note that some items appear to have been borrowed and may not actually belong to the estate. Interested parties who have title to the items listed in the probate inventory can provide proof so that their items will be returned when the estate is subdivided and processed.
For many inventories, the value is relatively easy to estimate and requires no special skills. The executor may make a few phone calls to do basic research on the value of things like houses and cars. For specialty items like art and collectibles, however, an expert may be required. Executors are expected to perform their duties accurately and fairly, and disputes over the value of a property can become very heated, making it important to accurately value items in the inventory. These values can be used to determine how the estate is distributed and also to determine tax rates and inheritance taxes.
The completed inventory can be used for accounting and tax purposes when the estate is liquidated. It is also kept in the records with the other items relating to the will and estate for future reference purposes. Individuals interested in inheritance can consult the Probate Inventory to learn more about what was in the inheritance and how it was valued, and if there are any disputes in the future, the documentation can be used to support or refute the arguments . Such documents are also useful from a historical perspective; historical archives often keep probate records for people interested in learning more about how previous generations lived and died.
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