What is an estate inventory and why should I create one?

An estate inventory is a list of all of a person’s assets and liabilities. Assets include any property, bank accounts, real estate, investments, life insurance, retirement accounts, and other valuables that the person owns. Liabilities are any debts or tax obligations that the person has. Estate inventories are important to create because they help ensure that a person’s wishes are carried out after they pass away. In Alaska, an estate inventory can help determine how an estate is to be divided among family members, or any other parties the deceased wishes to include. An estate inventory also assists in the probate process, which is the legal process of administering a person’s estate and assigning the ownership rights to all assets. Without an estate inventory, probate proceedings can take an unnecessarily long time and be much more costly. In addition, an estate inventory helps ensure that no assets are forgotten. Without an estate inventory, it can be difficult or impossible to go back and track down all of the deceased’s assets. And without an estate inventory, assets may not be distributed according to the deceased’s wishes. Overall, creating an estate inventory is an important part of estate planning and asset protection. An estate inventory will help ensure that a person’s wishes regarding their estate are carried out correctly, make the probate process more efficient, and help keep track of all assets.

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What is an estate inventory and why should I create one?

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