Probate Inventory And Appraisal
How Do I File The Inventory And Appraisal ?
Probate court forms are essential when working with inheritance. Within four months after appointment, the personal representative must file with the court an inventory of the property to be administered as part of the probate action. With an appraisal of the fair market value of each item of property as of the decedent’s date of death.
After listing the property, PRs have more time at hand. Now is the time to accomplish the process of discovery. There are billions of dollars in various categories that belong to “no one”; they sit in the vaults to be discovered.
I offer a 50-page report on the Discovery process to my clients after they sign up. Unfortunately, it requires persistent hard work to discover this unclaimed money if it may belong to the decedent.
Preparation Of Inventory And Appraisal:
You must use the printed form. Inventory and Appraisal (Form DE-160, Judicial Council ), and the Inventory and Appraisal Attachment (Form DE-161, Judicial Council).
As a personal representative, you should complete and sign the front side of the Inventory and Appraisal form. Leaving the line for “Total Appraisal by Referee” blank. But, otherwise answering each section. Moreover, describe each asset in the Attachment forms.
Each property item must be described fully to be identified and appraised, including account numbers, legal descriptions, license numbers, etc. Divide the property that the personal representative can appraise and property that a probate referee must appraise.
Besides, each item should reflect whether the property is the decedent’s separate property or the decedent’s one-half interest as the decedent’s community property and his or her surviving spouse.
Probate Court Forms – Mention these Properties on Attachment 1
Money and other “cash” items, including accounts in financial institutions, refund checks (including tax and utility refunds, Medicare, medical insurance, and other health care reimbursements), money market funds and cash held in a brokerage cash account, and proceeds of life insurance policies and retirement plans and annuities payable to the decedent’s estate in lump sum amounts.
Each item should list the dollar value as of the decedent’s date of death.
Probate Court Forms – Mention These Properties on Attachment 2
All property not included in Attachment 1 contains real property, stocks, bonds, mutual funds, other securities, and tangible personal property such as automobiles, partnerships, and business interests. Household furniture and furnishings may be listed as a collective item rather than individually listing each item of furniture.
It would be best to list the value of these items but include a blank space after each item, which will be appraised and completed by the probate referee.
However, suppose the decedent owned property considered a “unique, artistic, unusual or special item of tangible personal property” (such as antique furniture, collectible automobiles, or a coin collection). In that case, you may choose to have the item appraised by an independent expert. Also, you should make a notation on the form indicating the property that needs appraisal from an independent expert.
I am sure you need help with local resources to appraise the property and precious belongings. Contact me; I am here to help. Let’s have a phone or zoom meeting at your earliest convenience.