FAQ

During an estate administration, it's important to keep track of assets and liabilities to ensure proper distribution of the estate and to calculate inheritance taxes.
‍
‍Estate Inventory: A detailed list of all the assets and property the deceased owned at the time of their death, as well as any claims owed to them. This inventory is used to distribute the estate to heirs, descendants, surviving spouses, creditors, and named devisees. It's also used to calculate the inheritance tax owed to the state or federal government.

Gross Estate: The total dollar value of the deceased's assets at the time of their death, not including debts and tax liabilities. Once liabilities are subtracted from the gross estate value, the remaining amount is the estate's net value.

Frequently Asked Questions