Schedule of Assets Lawyer in Massachusetts

When you pass away, your personal representative must execute your will through probate before distributing your assets to your beneficiaries according to your will instructions. During the process, your personal representative must present a schedule of assets or inventory to the probate court.

At Casey Lundregan Burns, P.C., a probate administration attorney from our firm can help you determine which assets and debts to include in your will. If you are a will court-appointed personal representative, we can help you create the schedule of assets or inventory for probating a decedent’s estate in Massachusetts.

What Is a Schedule of Assets?

A schedule of assets is an inventory of assets and debts your estate owns. Courts use schedules of assets in probate for estate administration to determine property division of assets.

You may want to create a schedule of assets to include in your will to help your personal representative accurately inventory your assets for probate and distribution to your beneficiaries. Otherwise, your personal representative will have to create a schedule of assets as part of their duties and might miss assets.

A schedule of assets lawyer with our firm can help you create an inventory of assets and debts for your personal representative. We also serve personal representatives who need assistance executing a will and navigating the probate process.

How to Create a Schedule of Assets

Your schedule of assets should include any assets subject to probate. Some assets bypass probate, such as trust assets, assets held in joint tenancy, assets held in tenancy by the entirety with a surviving spouse, and assets named to a beneficiary outside the will (life insurance, retirement plans, etc.).

Your schedule of assets inventory should include a thorough description of each asset, the percent of ownership for shared assets, and the net value of the asset (current value – amount still owed for the asset = net value).

Items you should consider for an inventory of assets and debts include:

  • Cash, bonds, stocks, gold, silver, and other liquid assets
  • All real estate properties, including your home, summer residence, or undeveloped land
  • Personal property, including vehicles, electronics, digital assets, air miles, and collectibles
  • Shared ownership of business entities and assets
  • Accounts receivable balances, as the estate can collect money owed after a decedent passes away
  • Other assets of tangible and intangible value

How Does the Personal Representative Use the Schedule of Assets?

If you name a personal representative in your will, the Massachusetts probate court will name them as your estate’s personal representative. The personal representative is responsible for submitting a schedule of assets inventory to the court. The court will then use assets from the estate to pay final expenses, taxes, and debts before your personal representative can distribute the rest of your assets to your beneficiaries.

Contact a Probate and Schedule of Assets Lawyer in Eastern Massachusetts

At Casey Lundregan Burns, P.C., we have helped clients with estate planning and administration for over 90 years. If you live in Salem, MA, or anywhere in Massachusetts, contact us today for a consultation with a probate administration attorney.