“Your executor or trustee will have a much easier time distributing your estate if you have an updated comprehensive personal property inventory in place,” Greg Holton writes in “The Hidden Risks of Undocumented Personal Property”. Not only does having an updated comprehensive inventory in place help in the event of an insurance claim or for tax loss reporting, but upon death, an inventory solves many potential problems for heirs, Holton explains:
- the executor often lacks the time and knowledge to complete an inventory and knowledgeably value the assets
- it may be difficult to match specific distribution instructions in the will or trust with the assets to be distributed with the assets
- without an inventory, “pilfering” by relatives can happen before distribution
- there may be internal disputes among heirs over heirlooms and family possessions
At Geyer Law, where we counsel and represent executors, personal representatives, trustees and beneficiaries on the proper settlement of estates and the administration of trusts, our goal is to minimize stress at an already difficult time.
Services we regularly provide for clients in this practice area include:
- commencing probate proceedings
- advising clients on the valuation and taxation of property interests
- assisting with payment of claims
- advising on title issues
- completing beneficiary claim forms
- preparing inheritance tax returns
- closing the estate
No doubt about it – everyone involved will have a much easier time if you have an updated comprehensive personal property inventory in place!