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

An estate inventory is a list of all the assets belonging to an estate. It includes tangible assets such as real estate, automobiles, boats, stocks, bonds, and jewelry, as well as intangible assets such as copyrights, patents, business interests, and royalties. It is important to create an estate inventory because it allows the executor or personal representative of the estate to value and distribute the assets appropriately according to the terms of the deceased’s will. The inventory will also help the executor of the estate to identify and secure the assets for the benefit of the estate. Additionally, an estate inventory helps to avoid disputes between heirs over who has the right to possession of a particular asset. Furthermore, the inventory can be used to identify any evidence of fraud or misappropriation of funds. Lastly, an estate inventory can be used to calculate any estate taxes that may be due to the state of Maryland. In summary, an estate inventory is an essential document for listing and valuing the assets of an estate and should be prepared carefully and in a timely manner to ensure that it is accurate and complete.

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

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