Being a personal representative of a person’s estate is no minor thing. It is an important role and there are many different tasks that go along with holding this role.
One of the things a personal representative of an estate here in Massachusetts is to do is complete an inventory of the deceased’s estate.
What is this inventory to include? It is to include a list of all of the deceased’s assets that qualify as probate assets. It is also supposed to contain the values, as of date-of-death, of all of these assets.
What sorts of things is a personal representative required to do with the inventory once they have compiled it? For one, they are required to share the inventory’s information with all of the estate’s beneficiaries. And, while in most cases here in Massachusetts a personal representative is not required to submit the inventory to a court, there are some special circumstance in which such a court filing could be required.
As with other aspects of administering an estate, it is important for a personal representative to do things properly when it comes to the estate inventory. Inventory problems could complicate the probate process and have serious legal repercussions. Thus, a personal representative may want to seek out legal guidance when it comes to inventory matters. Estate administration attorneys can assist personal representative with inventory issues such as issues regarding identifying probate assets, valuation and inventory rules.
For further information on Massachusetts probate and estate administration issues, visit our Wakefield law firm’s probate page.