When you appoint an executor who will handle your estate after you pass away, one of the important things that should appear on your to-do list is an inventory walkthrough. Having your wishes clearly explained in your will is important, but unless you perform this walkthrough with your executor, there may be some confusion about how he or she should proceed. You may even wish to have the attorney who helped you with your will and any related documents talk about how to approach this walkthrough with your executor. Generally, here are some things that you'll want to touch on.
Identification Of Items In The Will
It may be necessary to specifically identify the items that you've referenced in your will. For example, writing that you want your granddaughter to have a ring that belonged to your mother is a good idea, but unless the executor knows specifically which ring you're referring to and where to find it, confusion may arise. This walkthrough will allow the executor to ask questions about any details on the will that are confusing, as well as take photos and make notes that will help him or her when it's time to perform this role.
Understanding About Items To Donate
Often, a will can have some information about which things you want donated after your passing. As your executor and other family members are dealing with your estate, they may choose to donate several things — but they'll want to be clear about your wishes. For example, if you've specified that you want certain articles of clothing donated to a women's shelter, make sure to identify them during the walkthrough. Other clothing items might be valuable and you may wish for the executor to keep or sell them, so the walkthrough will allow the executor to differentiate between these items.
Mention Of Items Of Value
You'll have an idea of which possessions have a high value, but your executor may not. The last thing you want is the executor and those helping him or her to discard certain items or sell them for well beneath their value because they're unaware of what value these items hold. Your inventory walkthrough is an opportunity to point out which of your items holds a significant value. For example, an executor may view your decades-old baseball card collection as little more than a hobby, but it could be worth thousands of dollars to the right buyer.
Contact offices like Skeen Law Offices for more help.
Share11 July 2018
