A personal representative of an estate in Florida has many different responsibilities in order to probate an estate properly. Because of the complexity of probating an estate, many personal representatives will choose to enlist the help of a Miami estate attorney, which is a wise idea.
One of the essential parts of dealing with an estate for a personal representative is for the personal representative to file an inventory of assets with the probate estate. This inventory would include all of the assets the decedent owned and what the value of those assets were at the time of death. This has to be filed within 60 days of the court appointing a personal representative.
One of the essential parts of doing the inventory of an estate is to make sure that the estate is valued what it was at the time of the decedent’s death. In many cases, this would involve not only appraising real estate and valuing the other assets of the estate, but having the value at the time of death determined. This could mean having the assistance of real estate appraisers or possibly accountants to help the personal representative determine the value on the date of death, rather than at the time the inventory was filed. This could be important because the value of the estate could be higher or lower depending on the date the decedent died in some instances. It also means that it is best that the estate be valued sooner rather than later to have a better idea of the estate’s value.
The inventory of assets, once filed with the court, is not made a public document like some of the other of the court documents. The inventory would only be made available to individuals that fall into specific categories, such as the personal representative and their attorney, beneficiaries or other interested parties in the estate or someone who gets a copy via a court order. The personal representative is required to notify the beneficiaries of the estate of the inventory so that they may get a copy from the court.
The reasoning behind the privacy of the inventory of assets is to make sure that the beneficiaries have some sort of an accounting of what the estate includes, but also so that only legitimate creditors make a claim against the estate for the actual amount of the debt in order to avoid fraud against the estate.
If you have been appointed the personal representative of an estate, it is important that you file the appropriate paperwork at the appropriate time. Because of the complexity of probating an estate, you should have a skilled and experienced Miami estate attorney on your side so that you can be sure that everything is taken care of properly. Call the Law Offices of Albert Gurevich at (786) 522-1411.