In Indiana, the process of probate can be complex. The personal representative must fulfill certain duties to wrap up a decedent’s affairs and ensure their estate is handled properly during probate. It will need to be inventoried and appraised after the person has died. This is a significant responsibility that must be completed based on state law. Being aware of and living up to all the responsibilities it entails is imperative.
Know the timeline and the details of overseeing an estate’s inventory
The personal representative will be appointed and within two months, they must complete the inventory of the decedent’s estate. There must be documentation, a fair value of the items in the estate and a statement of liens and other charges that might exist.
The property must be categorized in a specific way listing the real property; household items and furniture; profit from growing crops; corporate stocks; mortgages, bonds and debts owed; bank accounts, cash and insurance policies if they will be paid to the estate or to the personal representative; and other personal property.
To get an accurate gauge as to the property’s value, a professional appraiser might be needed. This individual must have no role or interest in the proceeding. There can be different people asked to appraise the assets based on their area of expertise. The identity of the appraiser or appraisers must be provided. Interested persons who request a copy of the inventory must receive one.
Estate valuation is a vital part of the entire process
When a personal representative is tasked with completing their duties, one of the most important parts is knowing how to come to an accurate estate valuation. The law is clear on these matters, but some parts can still be complicated. For assistance and guidance, caring and competent advice can be helpful.