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An inventory or list must be made of assets owned by an estate as of the date the estate is created. This is the date of death for a decedent's estate or the date of appointment of a guardian in a guardianship. The assets are described, but usually not valued in the inventory. The type and amount of and liens the assets are subject to are usually noted. Lawsuits and claims against third parties are included as assets. In a supervised administration the inventory must be filed with and approved by the court. In an independent administration this is not necessary. || Back
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Donald M.
Thompson * 55 W. Monroe #3950; Chicago, IL 60603 - Illinois
Probate Lawyers |
