Probate inventory: do all items inventoried have to be sold? Do sold assets have to be on inventory.

Asked 10 months ago - Los Angeles, CA

Im the executrix and probating pro per for deceased mom's estate. Im main beneficiary 60% n 4 siblings. Most of the items of value have been specifically designated to each sibling. Do those items have to be on the inventory? What happens with inventory and does the proceeds go into the estate bank account?

Additional information

I failed to mention the items in question of being inventoried are allocated in the will so those items are already gifted to the specific siblings and therefore will not be divided or be part of the final distribution of the estate. Do they still have to be in the inventory list or marked as gifted? Do all items on the inventory have to be sold before the final distribution is submitted? I am only concerned with possible problems with the courts. As for my siblings, they are not really concerned with the estate considering that I'm receiving 60% of it. They are all financially well established so the money received from the estate is also not of great interest. My other concern is actually putting a monetary value and listing those gifted items since my siblings would be able to compare what each had received. I think my mom would not like this.

Attorney answers (4)

  1. Robert Miller

    Contributor Level 17

    2

    Lawyers agree

    Answered . Without knowing more, it would be difficult to give anything other than a general statement that all assets of a decedent must be inventoried and appraised if a probate estate has been opened. Having said that, there are practicalities that would govern and you should arrange a confidential consultation with an experienced probate attorney before doing anything.
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    Disclaimer: California attorney Robert Miller has practiced for over 45 years and restricts his practice to real estate and probate matters in the Central District of Los Angeles. Any opinion expressed is for general informational purposes only, no attorney-client relationship is intended or created by this answer, and no action or inaction should be contemplated without first employing and consulting with a competent attorney convenient to the questioner.

  2. Gregory Paul Benton

    Contributor Level 20

    1

    Lawyer agrees

    Answered . Already answered.

  3. Jennifer Nicole Sawday

    Contributor Level 9

    Answered . Yes, all assets listed in the Will need to be inventoried if they are in your possession as the personal representative of the estate. The probate referee will need to do the appraisal. You can provide guidance to him or her about the values of the personal property items. The items do not need to be sold before the estate can be closed. You can indicate the proposed distribution scheme in your final report to the court for approval. A good probate attorney will be willing to sub into your matter and perhaps for a fixed fee if the estate administration is almost completed.

    As we must state: any information provided in this answer is not legal advice and your use of it does not create... more
  4. Donald Joseph Quinn II

    Contributor Level 15

    Answered . To make sure you aren't going to get into trouble with the court or the other beneficiaries, you should consult with counsel.

    Legal disclaimer: This answer does not constitute legal advice. I am admitted to practice law in the State of... more

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