Tuesday, April 16, 2013

Details, Details

In honor of it being past April 15, we will finally fully leave the topic of taxes. 

The first reason that Jack, as executor, has had to gather so much information about his mother’s assets after her death, is to create and submit an “inventory” to his mother’s named beneficiaries in her Will and often also to the probate court itself.

The inventory should include a list all assets he found, their date of death values and any income that has come in on those assets since her death. 

For example, his mother’s house must have a value established by a real estate appraiser as of the date of her death.  The proper legal description, appraised value, and any mortgages against the property should also be listed. 

Since Jack’s mother also owned 300 shares of AT&T stock, he needs to show what price that stock was trading for on the date of her death.  In addition, his mother’s jewelry of significant value should be appraised by the jeweler, by written appraisal; her more valuable household goods and antiques should also be appraised in writing. 

There are sometimes ways around some of the more formal requirements of probate.  For advice about following through on a probate or about your estate planning options to reduce or eliminate probate requirements, please call our office at (815) 436-1996 for an appointment.  © 2013 Gruber Law Office, Ltd.


Archived Posts

2016
2015
2014


Our law office assists families in Plainfield, IL and the surrounding areas, including Joliet, Naperville, Aurora, Bolingbrook, Channahon, Crest Hill, Lockport, Minooka, Oswego, Romeoville, Shorewood, and Yorkville, in Will County, DuPage County, Kendall County, and Kane County.



© 2024 Gruber Law Office, Ltd. | Disclaimer
8380 Old Ridge Road, Plainfield, IL 60544
| Phone: 815-436-1996

Estate Planning | Probate & Estate Administration | Elder Law / Medicaid Pre-Planning | Special Needs Planning | Planning for Children | Pet Trusts | About Our Firm | Resources | Health Policies | Pay Online

-
-