Asset Collection
After securing appointment by the court, the personal representative must locate the assets. There are several ways of doing this. The decedent may have left a letter of instruction or a list of assets. Often there is a family member who is knowledgeable of the decedent’s holdings. A review of the prior year’s tax return and checkbook register may reveal additional information. There may be assets located in a safe deposit box. It is also a good idea to have the decedent’s mail forwarded to the personal representative so that it can be monitored. Frequently, assets are discovered in this manner. As the decedent’s assets are located, each asset needs to be classified as either a probate asset or a nonprobate asset. The classification of each asset will determine the steps necessary to transfer title when the appropriate time comes.
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