How Do You Prepare a Schedule of Assets in California? (Part 1 of 2)

The core of any probate process in California is the detailed inventory and appraisal of the decedent's estate, which is listed by type of property and type of ownership.

In some cases, it may be a simple process; in others, it may require a lot of time and effort. A sound work method is critical to avoid contests brought up by heirs or beneficiaries and questions by the court that would immediately cause delays.

Start with a Schedule of Assets Form

This form should have columns for (from left to right):

• Description of assets
• The value of each asset at time of death
• The type of ownership
• The part owned by the decedent
• The resulting value of the decedent's interest
• Probate or non-probate

Focusing on the left-hand column only, the estate representative will first list all the different assets the decedent is reputed to own and put them in different categories:

• Cash Items
• Bank and Savings and Loan Accounts
• Real Property
• Securities
• Insurance
• Retirement and Death Benefits
• Amounts Due the Decedent (Collectible)
• Promissory Notes
• Tangible Personal Property
• Automobiles
• Business Interests
• Other Assets

This inventory does not yet address the question of value and type of ownership, but it is the founding block of the representative's work. The inventory must therefore be precise (a bank account must mention the bank, type, and account number, for instance) and exhaustive. All potential heirs or beneficiaries and the decedent's trusted friends or collaborators must have a look at the list to make sure the representative omitted nothing.

Talk to San Diego estate planning and probate attorney Scott Grossman about your situation and the questions you have. Call our lawyers at (951) 683-3704 or (866) 840-0000 for your FREE 30-minute telephone consultation. Also, order our FREE book The Insider's Guide to California Probate and Trust Administration.

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