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What You Need to Know About Collecting Inventory of Estate Property

January 8, 2020

Filed under: Estate Planning — Laura Pennington @ 9:15 am

A personal representative appointed to manage an estate or an executor named in the will by the person who passed away has many different responsibilities in closing out estate administration.

One of these includes giving notice to creditors of the estate and taking a formal inventory of the property inside it. Written notice must be sent to all creditors of the estate based upon state laws of New Jersey. This means that any creditor who intends to make a claim against the estate’s assets has to do so no later than 9 months after receiving this notice under current laws.

The 9-month period begins on the date to the debtor’s death. The personal representative or executor cannot distribute assets to beneficiaries until all claims have been satisfied. In the event that a person attempts to distribute assets to beneficiaries before these claims have been satisfied, that individual can be held personally liable to the creditor for that debt.

An inventory of all property owned by the decedent, including real estate, bonds, personal properties, stocks, and business interests must be collected by the executor or personal representative. Other duties that apply to this person beyond the initial inventory includes selling, managing or reinvesting this property.       

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