Before you can distribute assets during the probate process, you may need an inventory of the property owned by the estate. This could be a serious undertaking, especially if there are assets spread across multiple states. If you have been appointed as the executor, it is your job to complete this inventory.
Asset administration in Staten Island probate could be complex, particularly if you are attempting it on your own. However, you could hire a skilled probate attorney to assist you with this process and answer any questions you might have.
The first stage of Staten Island probate asset administration involves taking an inventory. When the executor of a will begins the probate process, one of their first goals is to identify and collect all the assets owned by the deceased person at the end of their life.
This inventory should take into account personal property, including clothing, automobiles, and bank accounts. When it comes to making the inventory, this might involve taking physical control of an asset or securing access to intangible property.
Once all of the property is accounted for, the administrator must make a complete list of everything. This document is used to determine how to distribute the assets among the heirs.
Probate could be a long, drawn-out process. This makes it vital for the administrator to complete the inventory and avoid delays whenever possible. Our attorneys could help you avoid delays and complete the inventory.
Once everything owned by the estate is collected and accounted for, the next step is to place a dollar value on all of it. The valuation process is important, as it directly impacts what each beneficiary is likely to inherit.
The process for determining the value of an asset could vary, depending on the item itself. There is an extensive system for estimating what assets like motor vehicles are worth, and it is often possible to reach a conclusion through market research or other resources.
The valuation process becomes more complicated when it comes to putting a dollar value on rare assets. When there are a limited number of transactions for assets like rare art or commercial real estate, it could take the help of a professional to determine the asset’s value.
Valuation is one of the critical aspects of administering assets in Staten Island probate. An attorney could assist you with this step, especially when it comes to rare property.
Before the property owned by the estate can be distributed to the heirs, the administrator may first need to resolve any outstanding debts and claims. This includes paying any taxes owed on the state and federal levels.
It is also possible that creditors could file a claim with the estate, seeking to recover a debt incurred during that person’s life. There is a process in probate court where the administrator of the assets in Staten Island could accept these claims or challenge them. Only once all valid claims are paid could the estate move forward with distribution.
If you have been tasked with asset administration in Staten Island probate, it is important to remember you do not have to handle this process alone. Relying on our team could simplify this process and help you avoid dangerous mistakes.
If you have been appointed to administer an estate, now is the right time to seek help from a team of professionals. Contact us as soon as possible to schedule a private consultation with our firm.
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