What is an inventory and when do I have to file one?
In this video attorney Curt Runger details what an inventory is and when he suggests you should file one. View the video below or see the transcript to hear Curt’s suggestions for this complicated process.
My name is Curt Runger and I’m an attorney in Memphis, Tennessee and I help give my clients peace of mind by navigating them through the probate process after the death of a loved one. In this video I want to talk about what an inventory is when we’re talking about probate estates. When you open up a probate estate and you are appointed as personal representative of the estate, one of the things that you may be required to do as a personal representative is to file. What’s called a sworn inventory in court within 60 days of the date that the probate estate is open. What an inventory is, is it’s a list of all of the estate assets that have come under your control and that you’re aware of and the values of those estate assets so obviously you know in certain situations you may not be able to file a comprehensive inventory within 60 days of opening the estate because hypothetically speaking, there could be assets out there that you’re unable to marshal into the estate bank account within 60 days, but you are required. If you are required to actually file an inventory, then you have to simply, complete this sworn inventory setting forth all of the estate assets that you’re aware of in their values and then file it in the court now. There are certain situations where you are not required to file an inventory: If the decedent had a last will and testament that waived the requirement of filing an inventory and that will is admitted to probate. Then as personal representative you would be excused from actually filing an inventory. In other situations. If the beneficiaries or heirs at law have a particular estate waive the requirement of filing an inventory and an estate, then that would be another scenario in which you may not be required to file an inventory in probate courts. If you have any questions about probate estates please give me a call.
If you have any further questions do not hesitate to call Curt or his team at Douglass & Runger, PLLC at (901) 388-5805 relating to other questions you may have about the will preparation process.
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