When a loved one passes away, the person nominated to serve as the estate’s representative is known as the executor or administrator of the estate. The representative takes on the responsibilities and legal risks associated with doing this job according to the law.
One of the legal duties of a personal representative is to file an inventory with the Register of Wills within three months of being appointed as the representative. The purpose of an estate inventory is to list all the assets of the probate estate and their fair market valuations.
The inventory filing, along with the entire estate file, is public record and easily accessible by anyone interested in viewing the estate. (more…)
