The executor or the person appointed to administer your estate will have many different responsibilities in closing out your estate, such as paying taxes, notifying creditors and informing beneficiaries about any remaining assets that must be distributed. In order to start all of these processes, however, it is essential for your executor to be able to identify all of the assets that you currently own as well as any liabilities under your name.
This can be one of the most time consuming parts of the process for an executor and it is well worth your effort to do everything you can to make it easier for them to find all of your tangible property as well as other online accounts.
By creating a personal property inventory and storing it in a location in which it will be easy for the executor to find or receive immediately after you pass away, you can make this process much easier for the executor and also ensure that all of your assets are properly tallied up in your estate inventory to be distributed among your beneficiaries.
Although you might have a mental calculation of all of these different assets, it’s important to have this written notice because no one other than you or potentially a spouse would be able to easily locate all of these property items and account access details.
You will greatly speed up the time for which probate is required in your case by leaving behind such an inventory of assets or even directions for your probate administrator to organize and inventory all of these. Schedule a consultation today with an estate planning lawyer to learn more.