Quote:
Originally Posted by Dee8go
Here's a question for any of you attorneys out there. Is there a specific form or a minimum of required information that is required from the executor of an estate? What I mean is that I have seen estate reports in the past that were very detailed and contained inventories of personal property with appraised values. I presumed that this was done for the benefit of the taxing entities and therefore required by law. Is this correct?
I'm not as concerned about real property and investments such as stocks and bonds as I am about things that might possibly be carried off by various family members. So of these items are doubtless nearly worthless other than having sentimental value. Others may be quite valuable like jewellery, art, antique furniture, etc.
This estate falls below the level for federal estate tax but is still subject to state taxes, I believe.
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You're asking several questions here.
First, check with the estate attorney for the personal property inventory question. What you seem the most concerned about are the items that can disappear, never to be found. Is that correct? If so, you will need to secure theses items before the person's death, if, you have POA Power of Attorney, next, if the person has expired, the executor (personal representative) has full power oand rights to secure those items, even to thew extent of hiding them from theft or locking the estate property under lock and key. Just because heirs are heirs, it is not their right to commandeer items.......the care and custody/responsibility of those items falls to the personal representative. Locking properties and safeguarding these items is a delicate situation when the person that will be expiring is alive. Once the person dies - the personal representative can act swiftly in securing them.
Hope this helps. Are you the personal representative in this estate?