Inventory & Valuation Of Assets

An essential step in trust administration is creating a detailed inventory of properties. The trustee typically bears this responsibility, involving identifying the deceased’s assets, whether held in the trust or not, as of the date of death.

This inventory should include real estate, bank accounts, investments, and personal property. The trustee must then determine the value of these assets, which may involve hiring professional appraisers, especially for real estate or valuable personal items.

Accurate asset valuation is critical because it directly impacts the federal and state taxes owed by the trust or grantor. It also guarantees that assets are priced fairly and reflect current market values.

With these tasks completed, the focus shifts to applying financial and management skills. In the subsequent steps, your role becomes increasingly vital in honoring the grantor’s legacy and fulfilling their final wishes.

Los Angeles Probate Attorneys
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