The ABC's of Estate Planning: I is for Inventory

I is for INVENTORY. After your death, your Personal Representative (Executor/Executrix) or Trustee is required to gather all your assets, appraise anything that needs to be valued formally and determine all your debts. This is called the inventory, and it must be done in writing if a full probate procedure is required. A simple estate administration likely will just require your fiduciary to write out a simple statement of all accounts to share with relatives.