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

An estate inventory is a document that outlines all of the assets and liabilities of an estate. This includes real estate, personal property, investments, cash, debts, and any other assets or liabilities that the deceased may have had. Creating an estate inventory is an important step in estate planning because it helps to ensure that all of the assets of the estate are accounted for. It also makes it easier to divide the assets among beneficiaries in an orderly fashion. Additionally, an estate inventory can help to identify assets that may have been overlooked, or assets that the deceased may have acquired after the will was written. Finally, an estate inventory is usually required for probate and taxation purposes. In some cases, it can also be used to help resolve disagreements between family members about the distribution of assets. Ultimately, an estate inventory is an important document for anyone who is involved in the estate planning process.

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

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