Creating a Comprehensive Asset Record for Estate Settlement
Create a comprehensive record of all assets, fostering transparency and trust among family members.
Valuation of Assets:
- Determine the monetary value of each asset, vital for probate proceedings and tax purposes.
- Professional appraisal is necessary for high-value items like real estate, vehicles, and artwork.
Locating Assets:
- Seek evidence of assets in documents, such as contracts or statements.
- Check safe-deposit boxes, storage units, mailboxes, and digital files.
- Gather information from family, friends, and trusted advisors, such as lawyers or accountants.
- Review federal income tax forms or 1099s for leads.
By following these steps diligently, you can effectively manage your loved one's assets, ensuring a transparent and informed estate settlement process.
Creating a Comprehensive Asset Record for Estate Settlement
Create a comprehensive record of all assets, fostering transparency and trust among family members.
Valuation of Assets:
- Determine the monetary value of each asset, vital for probate proceedings and tax purposes.
- Professional appraisal is necessary for high-value items like real estate, vehicles, and artwork.
Locating Assets:
- Seek evidence of assets in documents, such as contracts or statements.
- Check safe-deposit boxes, storage units, mailboxes, and digital files.
- Gather information from family, friends, and trusted advisors, such as lawyers or accountants.
- Review federal income tax forms or 1099s for leads.
By following these steps diligently, you can effectively manage your loved one's assets, ensuring a transparent and informed estate settlement process.
