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Brian Lerner states that a primary objective of probate administration is collection of the decedent’s estate by the personal representative. Thus, choosing Trusts, Wills and Lawyers is important to avoid later fights over who owns what.
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Estate Planning Decisions by Brian Lerner - Choosing Trusts, Wills and Lawyers Brian Lerner states that a primary objective of probate administration is collection of the decedent’s estate by the personal representative. Thus, choosing Trusts, Wills and Lawyers is important to avoid later fights over who owns what. The inventory and appraisal (also referred to as “the inventory”) is a public record of all property subject to probate that the decedent owned or had an interest in at the time of death. Make sure that when choosing Trusts, Wills and lawyers states Brian Lerner that the Estate Attorney is familiar with this step. The inventory, prepared on the Inventory and Appraisal and the Inventory and Appraisal Attachment (Judicial Council Forms DE-160, DE-161), must list each item separately and state the fair market value of the item at the time of the decedent’s death. The inventory is important to the following persons and entities states Brian Lerner: The representative, who is accountable to the court for all probate assets states Brian Lerner. The beneficiaries, who are apprised by the inventory of the nature and extent of the probate estate being administered for their benefit, and the income tax basis of the assets being inherited further elaborates Brian Lerner. Additionally, as stated by Brian Lerner, creditors, who are apprised by the inventory of the nature and extent of probate assets that may be available to satisfy creditors’ claims; and Brian Lerner states that the court, in determining, among other things, the amount of bond required for the representative, the length of time and the amount of family allowance that may be paid, and the conditions under which probate assets may be sold. While there are others, choosing Trusts, Wills and Lawyers is critica to this first stage of the Probate proceedings which would be to collect a full list of all assets, even if in the home of the decedent and even if only hours after the death of the trustor states Brian Lerner.