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identify, gather, and inventory the assets of the deceased; I’m the executor of my mother’s very small estate. How specific do we have to be on assets gained when we fill out the final inventory? As for jewelry that we’d never sell, do we need to give the appriased value? What if the property isn’t divided equally monetarily but eveyone is satisfied? Does the final inventory page have to have equal values? What does the value given mean; will we be taxed on that? Is “yardsale value” enough? Separate question: can we use money in estate checking to pay for grave marker engraving?
Asked on June 29, 2009 under Estate Planning, North Carolina
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Your separate question is the easy one: I can't imagine that it wouldn't be entirely right to use the money for your mother's marker engraving, as long as the debts are paid.
Probate law and procedure is different from one state to another, and I'm not a North Carolina attorney. But I'm sure that if you can divide the estate in a way that satisfies everyone involved, and everyone is willing to sign off on it, there is a way that a competent lawyer can write it up to protect you from later claims that you didn't handle things properly and that will satisfy the court -- and usually, the legal fee is also a proper expense of the estate, it doesn't have to come out of your personal pocket. One place to find a qualified attorney is our website, http://attorneypages.com
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