Really what we’re talking about here is usually the items that are inside the home such as furniture, decorations, clothing, appliances, and so forth. However, item 4, which is household furnishings and personal effects is usually the one that trips people up. ![]() Most of these items are easy to categorize and to determine the value for. These categories include: (1) real estate, (2) bank accounts, (3) vehicles, (4) household furnishings and personal effects, and (5) items of significant value. Typically, there are five categories that we include in an inventory of the estate. I try to assure them that it’s much simpler than it sounds. I do this because I find that most personal representatives are overwhelmed by the thought of completing an inventory of the estate. When it comes to completing a probate, I often meet with a personal representative to talk about how they do an inventory of the estate. We would then be left with a value of the equity in the home owned by the person that we would list on the inventory. As a result, if we were to list a home as an asset in the inventory of an estate, we would likely first subtract the amount of the remaining mortgage that is owed on the home. As time goes on, the mortgage gets smaller and smaller because more and more payments have been made. Most people who are living in a home are buying it through a mortgage that they are paying on a monthly basis. We would also include all the debts that are owed such as mortgages, credit cards, student loans, utilities, and any other kind of bill.įor purposes of probate, typically the debts that are owed are often associated with a specific item or asset. If we were to draw a picture of this, it would be a circle and inside that circle we would include items that are owned such as homes, cars, bank accounts, personal property, and items of significant value such as coin collections, guns, tools, jewelry, and so forth. In Idaho, a person’s estate, whether they are alive, or they have passed away, includes everything they own and it also includes everything they owe. When an inventory is properly completed, it also describes the debts and obligations that are owed by the person who passed away. However, it’s actually much more than that. In its simplest form, it is a description of the money, property, and assets that belong to the estate. ![]() To begin with it’s important to understand what an inventory of the estate actually is. If you have additional questions, we encourage you to contact us to schedule a free 30-minute consultation where we can explain the probate process in detail and why an inventory is important. Keep in mind that this article is not exhaustive but is really just a starting place for you to be able to understand the importance of completing an inventory in the probate process. The purpose of this article is to describe what the inventory is, how to do an inventory of the estate, and why it is important or necessary to complete an inventory. Part of the probate process in Idaho includes an inventory. ![]() ![]() Our job is to make this process simple to understand and easy to complete. These services include AVVO, Martindale and Hubbell, and Justia, and are based on the reviews given by other attorneys, judges, and most importantly our current clients.įor many clients and families who have never dealt with the probate process completing a probate is an intimidating prospect. Each of our attorneys have earned the highest rankings possible on several legal rating services for their knowledge, skill and experience in helping individuals and families through the probate process. Our team of Idaho probate lawyers includes partners Randy Budge and Lane Erickson and attorneys Nate Palmer and Dave Bagley. We also help our clients who have had a family member of loved one pass away complete the probate process when needed. Our job begins by helping each client create their own customized estate plan. Even when a person dies without a will, which means they die intestate, an inventory is still required to be done.Īt the Racine law office, we have a team of premier Idaho probate attorneys who work with each client and their family. The need to do an inventory is not dependent on whether there was a written last will and testament or not. This additional information includes an inventory of the estate. In addition to providing notice to all of those entitled to receive it, the personal representative is also required to give additional information to the Court and to certain individuals, including heirs of the estate. In a probate, the personal representative has a lot of different things they are required to complete. Erickson, Idaho Estate Planning Attorneyīeing a personal representative is not an easy job.
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