One of the key tasks of estate and probate administration is “marshaling” assets. This basically means that when a new estate is opened, the personal representative is legally required to locate and take charge of any probate asset belonging to the deceased individual.
Case | Type of Asset | Details |
---|---|---|
Smith Estate | Real Estate | The executor identified and took control of all properties owned by the deceased, ensuring proper management until distribution. |
Doe Estate | Personal Property | The personal representative inventoried and secured personal belongings, including vehicles and household items. |
Johnson Estate | Financial Accounts | The executor located all financial accounts, including bank accounts and investment portfolios, and consolidated them for estate administration. |
Marshaling of assets is a crucial task in estate and probate administration. It ensures that all assets of the deceased are located, secured, and managed properly until they can be distributed according to the will or state law. This process helps prevent loss or theft of assets, ensures debts and taxes are paid, and facilitates a smooth transfer of property to heirs and beneficiaries. The personal representative's diligent marshaling of assets is essential for honoring the deceased's wishes and maintaining the integrity of the estate administration process.
For more detailed information, see our related Wills Trusts And Estates terms: