Estate and Probate Attorney in Cincinnati Ohio » Inventory and Appraisals

Objections to the Inventory

admin — Tue, 29 Mar 2011 08:45:57 +0000

Objection concerning the inventory may come from three areas. There are items on the inventory that are owned by someone else, there are missing assets not included on the inventory, or the value of the assets listed is incorrect. If objections are filed, then the Court will have a hearing to determine the validity of the objections and will correct any errors in the inventory accordingly.

Notice to Heirs

admin — Tue, 29 Mar 2011 08:45:16 +0000

The heirs and beneficiaries must receive a copy of the inventory by certified mail or must waive notice. Once notice is received, each beneficiary has five days before the hearing date on the approval of the inventory to file objections...
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Filing of the Inventory

admin — Tue, 29 Mar 2011 08:44:48 +0000

The executor/administrator must file with Probate Court an inventory of the estate assets. The inventory is due within three months of being appointed. The Court can extend the time for filing of the inventory. This is a detailed list of...
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How do I value assets?

admin — Tue, 29 Mar 2011 08:44:00 +0000

All assets owned by the decedent as of the date of death are valued at fair market value. Therefore, many assets like; real estate, closely held family businesses, antiques, and collections need to be appraised by a professional appraiser. Stocks and bonds are evaluated by looking at the stock market on the date of death. The value for investments like stocks is the average of the low and high for the date of death. If a person dies on a Saturday or Sunday, then you must average the high and low on Friday and Monday. Bank accounts and certificates of deposit are determined by looking at the balance as of the date of death. The fair market value of the assets in an estate is the basis for probate, estate taxes, and fee calculations.

How do I find assets?

admin — Tue, 29 Mar 2011 08:43:10 +0000

The executor will typically locate assets by going through the decedent’s personal records and mail, a review of the past two years of income tax returns, and a review of canceled checks for the past year. One of the first things to do is to redirect the decedent’s mail to the executor. In the mail you will find monthly bank statements, quarterly dividend checks, semi-annual interest payments on bonds, bills, credit card statements, and other clues as to the identity of assets and debts of the decedent. You can also locate assets by talking to the decedent’s accountant, financial planner, stockbroker, insurance agent, or attorney who may be familiar with the decedent’s financial affairs.