Tuesday, April 30, 2013

Preserve and Protect

Jack has made an inventory report of all his mother’s assets as executor of his mother’s Will.  But he must do more than just find her assets; he must also take possession and preserve them from loss. 

For example, Jack must make sure that his mother’s personal property in her house is not taken or lost, even if that means preventing his relatives from coming into her house and taking items that are special to them.  Her jewelry, china, furniture, Hummel collection and other valuable goods must be protected.

Otherwise, Jack could be held liable by the court for valuable items missing from his accounting or distribution reports.  He will either need to sell the items and deposit the money with other estate assets, distribute them according to specific directions in his mother’s Will, or distribute them at appraised value as part of the heirs’ inheritances.

Whatever way he chooses, he will have to be able to explain to the court how he appropriately carried out his mother’s Will. 

Planning so that your prized possessions go to the right people or are not simply sold for cash after your death can reduce family conflict when you are not there to cut through the drama.  Specific directions about furniture, collections, and special items are often useful.  For help figuring out how to have things done the way you want by leaving good directions for your loved ones who survive you, call our office at (815) 436-1996 for an appointment.  © 2013 Gruber Law Office, Ltd.


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