The probate process is often complex and can be challenging to handle on your own. Fortunately, our experienced team of probate lawyers understands the importance of navigating the process efficiently and effectively.

When it comes to probate administration, specific reports are essential to ensure a smooth and positive outcome. Our skilled attorneys could help you draft and submit the required reports in Rosemead probate—call today to get started.

What Reports Are Necessary?

One of the first two required reports is an inventory and appraisal for the probate court in Rosemead. The inventory and appraisal are the personal representative’s responsibility to supply to the court. A seasoned attorney could assist in preparing that inventory and appraisal. Part of it requires a court-appointed appraiser to appraise the estate’s assets.

Beyond the inventory and appraisal, the personal representative also needs to file an accounting of the estate, unless waived by the heirs, letting the court know what has been done during the estate administration, such as:

  • Whether a home has been paid or other assets have been sold
  • Whether there were new assets that have come into the estate
  • Whether there has been an increase in the account, which is likely if it is an interest-bearing or investment account

Any of these developments, among others, would be part of the accounting report that the administrator would be responsible for supplying to the court. Our knowledgeable legal team could take the lead in drafting this required report and submitting it to the Rosemead court for approval.

Taking Inventory

An inventory and appraisal is a report that one would need to prepare to submit to the court, basically letting the court know what is in the estate. Items that should be included when taking inventory include:

  • Real estate
  • Vehicles
  • Jewelry
  • Any other personal property of value that beneficiaries are entitled to

No part of the estate is distributed until an inventory is filed.

The Role of an Appraiser

An appraiser must evaluate any asset that requires an assessment of value during the probate process. Most assets require an appraisal, especially real estate. The court appoints a probate referee, also known as an appraiser, responsible for appraising the estate assets. The appraiser’s selection is a decision made solely by the court and without outside input.

Typically, the appraiser evaluates assets based on comparables or even a dry fund of the property. They rarely visit a property itself when making their valuation. The appraiser’s role is to determine the value they believe the assets or property hold. Once they make their determination, they document it, which becomes part of the inventory and appraisal report submitted to the court.

What Is an Accounting?

An accounting is a comprehensive report that outlines all the estate’s contents. While it includes an inventory of assets, it goes beyond that by incorporating financial translations related to estate administration, such as sales and purchases.

Once the accounting report is submitted to the court, copies are distributed to beneficiaries, heirs, and other interested parties. These parties can file an objection with the court if they have any questions or concerns regarding the accounting report.

Discuss the Required Reports in Probate With a Rosemead Attorney

The required reports in Rosemead probate are crucial in informing the court about the estate’s assets, their value, and the actions taken during administration. Drafting and submitting these reports promptly could help ensure a seamless probate process for you and your family. Contact our office today to learn how one of our dedicated legal professionals could help.

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Rosemead, CA 91770

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Diamond Bar,  CA 91765

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Amity Law Group, LLP

Amity Law Group, LLP