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

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?

Attorney Answers 4

Posted

The inventory should include the value of property on the date of death. All items should be listed whether they are designated or not. If items are sold, the funds should go into the estate bank account with the estate FEIN.
After payment of estate administration, creditors, etc., designated items should be given to beneficiaries. The remainder should be distributed per the Will.

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Posted

Everything has to be inventoried and the designated in the Petition for Final Distribution as going to the people named in the Will. All monies belonging to the estate, including that money from sale of property, must go into the estate bank account and accounted for in the final accounting unless the accounting is waived.

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They don't have to be sold but they will have to be equitably distributed. You will also need to ascertain their total value to be included in the final distribution order. If sold, then the money will be put into an estate bank account for distribution.

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Usually probate assets must be inventoried, but each state has specific procedural laws regarding how to complete and file the inventory. I suggest you consult a probate attorney.

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