Probate Attorney Describes Inventory and Accounting
California probate law may require executors of estates to file both an inventory and an accounting of estate assets. If you have recently lost a loved one and need assistance in navigating through the probate process, contact a Riverside probate lawyer experienced in handling these matters.
Under California probate law, executors of estates may be required to file both an inventory and an accounting relating to estate assets. For many individuals who are unfamiliar with the probate process, it may be confusing trying to determine what constitutes a “probate asset” and how to go about filing and preparing the inventory and account. If you recently lost a loved one and need assistance in navigating the probate process, contact a Riverside probate lawyer experienced in handling these matters.
What Is a Probate Asset?
Generally, assets that are held only in the name of your deceased loved one will be counted as probate assets. These assets will be subject to the inventory and accounting requirements. The following are examples of assets that are typically excluded from the probate process:
- Assets that are owned in joint tenancy, such as real estate
- Assets that have a properly named beneficiary, such as beneficiary designations for a life insurance policy or IRA
- Assets that are held in trust
- Assets subject to a spousal property petition
What Is an Inventory?
An inventory must be filed with the California probate court no later than four months after the executor has been appointed. The inventory is filed on an Inventory and Appraisal Form. The purpose of the inventory is to list all of the probate assets and their value at the time that the decedent passed away.
What Is an Accounting?
Accounting is a formal declaration made by the executor that lists the following:
It tracks these items over a specified period of time.
For more information about filing an inventory and accounting as part of the probate process, view our free guide, The Insider’s Guide to California Probate and Trust Administration.
Since the inventory and accounting are responsibilities of the executor of an estate, it is important to take these tasks seriously and ensure that they are handled correctly. If you are ready to start your case, then please give us a call or fill out our Get Help Now form. If you want a comprehensive overview of California Probate, then click here. If you have more questions about trust litigation, then you will find plenty of useful information in our Learning Center.