Practical Steps to Take When Dealing With Tangible Personal Property in an Estate

Part of an executor’s job is to account for everything the decedent leaves behind. Many of the items you have to account for, such as investment accounts, real estate, and bank accounts, are very easy to identify and value. One of the harder tasks you may face, however, is categorizing and valuing the mountains of personal property that some people leave behind. Here are some practical concerns you will need to be prepared to deal with when you begin the inventorying and valuation process. Having a Plan Tackling personal property is often about breaking the task up into smaller tasks and taking it one step at a time. For example, developing an inventory is often more easily accomplished when you go through the decedent’s home room by room. Creating an inventory that lists the personal effects found in each room is often much easier than doing it all at one time. Grouping and Separating Many of the personal effects people leave behind are small items, such as books, photo albums,
http://www.norcalplanners.com/blog/estate-planning/wills/practical-steps-dealing-tangible-personal-property-estate/

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