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The Inventory of Assets

durham-estate-planning-inventory-of-assets-1-1200x630Question:
I am the Executor of my father’s estate. The Surrogate’s Court has asked me to provide them with an “Inventory of Assets”.
What is an Inventory of Assets?

Answer:
The Inventory of Assets is a form that is required by the Surrogate’s court. The Inventory of Assets must be completed and furnished to the Court by the fiduciary of the estate. Alternatively, at the request of the fiduciary, the attorney of record can also complete and provide the court with the Inventory of Assets.
The inventory identifies and provides the Court with information regarding the following:
- The total value of the assets of the estate that were owned by the decedent individually, or those assets which the decedent had a partial interest; and
- The total value of the assets which were payable or transferrable to the decedent’s estate.
In addition, the inventory further identifies, by either yes or no answer, whether the decedent had any of the following:
- Assets that were held in trust;
- Certain gifts made by the decedent within three years of death;
- Assets over which the decedent had the power to designate a beneficiary; and
- Any jointly owned property.
The Inventory of Assets is required to be filed with the Surrogate’s Court within (9) months of the date that Letters Testamentary were issued to you. In the event the Inventory of Assets is not filed, the court may refuse to issue new Letters Testamentary until the inventory has been filed and any applicable fees have been paid. The failure to file the Inventory may also constitute grounds for the court to revoke your Letters Testamentary or disallow commissions or legal fees.
Finally, if any additional filing fees are due, they should be paid to the court at the time of the submission of the Inventory.

Filed in: Ask Nancy

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