Marshalling the Assets in Alexandria Probate
Marshalling the assets is a crucial part of Alexandria probate. However, depending on the specific estate, it can also be a difficult part. Therefore, if you are serving as an executor of an estate, it may be important to work with an experienced professional.
A highly qualified probate attorney knows how to collect and record assets and can help you throughout the process. By working with an attorney you can make sure you are complying with the laws and make the process as smooth as possible.
What is Marshalling the Assets?
Marshalling assets simply refers to collecting the assets. When a person dies and assets such as bank accounts are titled in the name of the decedent alone, they must be marshalled. The assets are identified, valued, and re-titled in the name of the estate. Once the asset is re-titled in the name of the estate, it can be cashed out and put into another estate account or it can be retitled in the name of the estate and kept there until it is distributed to the beneficiaries.
Locating and Identifying Assets
A decedent’s mail is one of the best sources of locating assets. This is especially true in situations where an executor is not necessarily close to the decedent. Bank statements and investments reports, that come in the mail can be a good way for an executor to begin to collect the assets.
How Property is Possessed
Bank accounts can be easily possessed because an account can be transferred into an estate account or can be retitled and remain there until the asset is distributed. Real estate is more complicated because to collect the value of the real estate, it must be sold. The proceeds from the sale of the real estate then must go into an estate checking account.
Record Keeping Requirements
Because the personal representative or executor is required to provide an accounting to the court and has a fiduciary obligation to properly manage the estate assets, good record keeping is necessary. From the time a person dies; the value of the asset may increase or decrease as interest and dividends may accrue and fees may be deducted. The administrator or the executor of the estate must obtain all bank statements from the time the person died until the time they file the final account and has a duty to report the increase or decrease in the asset from the time the person died.
Factors that Impact the Alexandria Probate Process
The scope of marshaling the assets can get more complicated when there are numerous assets that must be located or collected. It is especially difficult when the assets are overseas. Communicating with the appropriate person at the financial institution can also sometimes be a challenge that can elongate the process. Generally, the smaller the estate, the less time the marshalling process will take.
It is also helpful if the decedent’s estate planning attorney or family members have a list of the decedent’s assets. An attorney can also help with the process to make it smoother.
An Attorney Can Help with Marshalling the Assets in Alexandria Probate
It is important to know that every single asset of the estate must be re-titled in the name of the estate. Depending on the size of the estate, this can be overwhelming. To help make the process easier, it may be beneficial to work with a practiced attorney. An experienced lawyer can help with the process of marshalling the assets in Alexandria probate to avoid any mistakes that could lengthen the process. To learn more, call today.