How To Create An Estate Inventory In Florida
Settling the estate of a loved one can be an arduous process. If you have taken on the role of personal representative, one of your first tasks will be to gather the assets of the deceased, value them, and create an inventory. Under state law in Florida, you only have 60 days to submit the inventory with the court, so it is important to act quickly. Below, our Daytona Beach probate lawyer outlines how to do it.
What to Include in an Estate Inventory?
The estate inventory must contain all property the decedent owned at the time of their death. As such, each estate inventory is unique, but there are some common types of estate property. This includes:
- Real estate: Any types of real estate owned by the deceased must be included in the inventory. These can include land, houses, and commercial property. Vehicles also fall into this category, including recreational vehicles.
- Financial accounts: All investment accounts, bank accounts, cash balances, and retirement accounts must be included in the estate inventory. It is also important to include digital assets such as cryptocurrency.
- Life insurance policies: Whole, term, accidental death, and any other life insurance policies that have a designated beneficiary should also be included in the inventory.
- Personal belongings: Antiques, jewelry, collectibles, art collections, and furnishings should also be listed in the estate inventory.
It is always important to include all property within the estate inventory, even if you do not think the property has significant value. Omitting assets will create further issues down the road than including assets you think are unnecessary. Look through all of the deceased’s legal and financial documents and speak to family members about any property owned by the deceased.
Determine Fair Market Value for All Property
In addition to locating property, you must also determine the value of each asset. This can be a time-consuming process and it does involve some research. Some of the ways to value property within an estate are as follows:
- Real estate: An appraiser can assess the value of a home or plot of land to determine the value on the day of the death. Vehicles should also be appraised to determine their accurate value.
- Financial accounts: Financial statements can help you determine the value of different balances. Obtain copies of the monthly statements to document the value of financial accounts.
- Life insurance: Find the copy of the policy or contact the insurance company to determine the death benefit listed on each life insurance policy.
- Personal property: Personal property such as art, jewelry, or antiques should also be appraised by professionals. Household goods can use estimated values.
Our Probate Attorney in Daytona Beach Can Help with the Inventory
Inventorying and valuing your loved one’s estate is not easy. At Bundza & Rodriguez, our Daytona Beach probate attorney can help with identifying property and will use our network of experts to ensure it is accurately valued. Call us now at 386-252-5170 or contact us online to schedule a consultation and to get the legal help you need.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/Sections/0733.604.html
