Quote:
Originally Posted by lenora
Sorry, you are incorrect. The directions regarding the inventory state:
"[T]the personal representative shall prepare and file an inventory of property owned solely by the decedent and the decedent’s interest in tenants in common property" and "(5) IRAs, annuities and life insurance proceeds payable to the estate or which have no named beneficiary." http://registers.maryland.gov/main/p...nBooklet07.pdf
Thus, property that is passed outside probate, i.e, property payable upon death, joint tenancy, tenancy by entireties, etc. is NOT listed as inventory. (Tenants in common is a form of ownership that does NOT pass to the surviving tenant as a matter of law.) However, it is reported on the Information Report IF it is subject to inheritance tax. "Any assets less than absolute or passing pursuant to a decedent’s trust to any persons or entities other than those exempt from inheritance tax must be reported."
Property transferred outside of probate to a spouse, lineal descendant, etc. is NOT subject to the inheritance tax and is therefore NOT reported. Got it?
Now, back to the OPs question. If his State mandates an inventory of all property owned by the decedent at the time of death, then he'll probably be able to see the list of inventory. But - it sure would be nice to know what State requires this type of disclosure... |
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look here:
http://www.judicial.state.sc.us/forms/pdf/350PC.pdf
That is the exact form me and my sibling used for my father's
estate. His will contained house, car, personal items. Nothing
more, and did not even mention the existence of any financial
accounts. He did have 7 financial accounts, two IRA's, 2
checking accounts, a brokerage account with stocks, two other
accounts with some mutual funds, and one life insurance policy
of $1,000. All of that had to be reported on the inventory
document. There are places on the form to include it all.
We had to get lawyers to settle my father's estate. The lawyer
who represented my sister is the same lawyer who is helping
my Mother with her will. So, he is no dummy, and he knows
100%, what does not have to be listed in a will. My father at
one time considered a living trust. I doubt my Mother goes that
route and I doubt the lawyer tries to convince her to go in
that direction.
My Mother will choose my sibling as her will executor. We all,
already know that my Mother will leave her house to my sister.
I'm sure I'll be involved in the dividing of personal property
in some way, since my sister does not want or need most of it.
Then my Mother's car is a 1985 Honda with over 250,00 miles,
so that is no issue. The issue surrounds financial assets and
book rights. With my sibling being the will executor and
possibly the only beneficiary on some or all of the rest,
only seeing the inventory list will I know what was there.
As far as what you do, or do not have to list in your will, or
what you want or do not want in your will, my father's will
shows you. He had a clause that would not have held up in
court. He called out the full name of an in law and stated in
his will that the person should not possess, inherit, be given,
etc, any item owned by my father. Now, this was totally
non-enforceable because my sibling received half of my father's
personal items. If they wanted to give any of these to their
spouse, no probate court or judge would rule it could not be
done,just because my father did not want it to happen. A far
reaching example would be my sibling ages 40 more years. Who
will go deep into the will records in my County, 40 years from
now and locate my father's will and say "ooops, we need to go
to Ohio, and make sure this 95 year old never gave their spouse
any of the items they inherited. It won't happen. My father's
lawyer put that clause in my father's will because my father
wanted it in the will. The lawyer knew it could not be enforced.
With my sibling and I having done the entire probate process
with all the forms and deadlines and over a period of 13
months of mistrust on both sides, I am positive my Mother's
estate will include an inventory list because my Father's
estate "taught" my sibling how it works in my County. Little
chance they try to leave items of the inventory list.
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