It’s important to keep a thorough and accurate inventory of your loved one’s assets, as it will be used in the probate process to distribute the estate to the beneficiaries.
An experienced probate attorney can help you create an accurate and comprehensive inventory and ensure that all the necessary steps are taken to comply with Georgia probate laws.
Here is a general checklist for creating an inventory of your loved one’s assets:
- Gather important documents
Collect any important documents such as the will, trust documents, deeds, bank statements, investment accounts, insurance policies, and tax returns.
- Make a list of real estate.
List all the real estate owned by the deceased person, including the addresses and a description of each property.
- List personal property.
Make a list of all personal property, including vehicles, jewelry, artwork, furniture, and household items.
- Review bank accounts.
Review all bank accounts, including checking, savings, and investment accounts, and list the account numbers, balances, and institutions.
- Identify retirement accounts.
Identify all retirement accounts, such as IRAs and 401(k)s, and list the account numbers, balances, and institutions.
- Review insurance policies.
Review all insurance policies, including life insurance, health insurance, and long-term care insurance, and list the policy numbers, beneficiaries, and insurance companies.
- List business interests.
If the deceased person owned a business, list the name and description of the business, along with any partners or shareholders.
- Review tax records.
Review all tax records, including state and federal tax returns, to determine any outstanding taxes or debts owed.
- Update the inventory.
Regularly update the inventory as new information or assets are discovered.