Create an inventory of real and personal property

You might think it is easy to just secure valuables and put in storage items that clutter the house in anticipation of the house being put on the market, but creating an inventory of personal property can be a valuable step in ensuring everything is accounted for and distributed properly. In fact, beyond just being a good idea, the probate court or will itself might require you to take an inventory of personal property in the estate.

You may choose to create this inventory yourself, but if you are considering hiring a third party to value the assets, they will likely make an inventory as a part of their valuation process. Therefore, think through whether this is something on which you need to spend time.

Note that some wills dispense with the requirement of taking an inventory. Be sure to re-read the will to see if that is the case in the estate for which you are serving as executor. Even if you are not required to create an inventory, it might be a good idea to make notes of what the estate contains in case disputes or questions arise later.

We will have worksheet available on this page shortly to help you simplify this process.