The reverse is also true - while the estate may or may not be responsible for paying the loved one’s remaining debts, you must include all information about them in the probate asset list. Money owed: If an individual or entity owed your loved one any debts, those debts are now owed to their estate.Check for any associated safe-deposit boxes, vacation or Christmas club accounts or savings certificates. Financial accounts: Record the account information and total amounts in each account at your loved one’s time of death for each checking, savings and cash account.Collect documentation for each of the following: If your loved one had accounts with a bank or other financial institution, you might need to submit a copy of their death certificate or a probate affidavit to get access to their financial information. While you work through these real estate holdings, you should also document any debts, liens and homeowner’s insurance policies you find. Property rights: Document any property rights assigned to those properties, like mineral and water rights.Leased properties: Collect the same information for all long-term leased properties or timeshares.Mortgaged properties also need the name of the financer and the total mortgage balance. Note information from property tax payments, existing mortgage contracts and the property’s legal description with its type, address and parcel number listed. Owned and mortgaged properties: Collect documentation and information on every property your loved one owned, including those under a current mortgage and those in the process of being purchased.Real estate holdings include all owned, mortgaged and leased properties - such as houses or land plots - and any rights associated with those properties: The probate estate inventory checklist should include every asset your loved one legally owned, ranging from collectibles and antiques to timeshares and real estate holdings. What Is Included in a Probate Inventory Checklist? Most states require inventorying and assessing these assets, though some may also ask for a record of value form or similar. Probate asset lists are required if your loved one left behind any assets without other legal arrangements to transfer them to a legal beneficiary. If you’ve recently lost a loved one and been assigned to create an inventory list for probate, it might seem like a monumental task, but it’s an important part of settling your loved one’s estate, and many jurisdictions have short time limits for filing.
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