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This article brought to you courtesy of Paula Walker of Confluence Law Center, Gresham Outlook Insider Estate Planning Expert.

Paula Walker

You have been asked to act as Personal Representative (PR) aka "Executor" of a Will. What are some of the initial critical tasks before you? One is to secure your appointment as PR with the court. And once the court authorizes you, i.e. appoints you as the estate's PR, your first task is to inventory the estate and begin creating a list of those items. It has become your responsibility to manage, account for, and value the decedent's personal and real property, and eventually to distribute those assets.

As court-appointed PR, once you have thoroughly reviewed the Will with legal counsel, and before anything is removed from the home, take stock of the decedent's personal belongings and real property. Begin a list of each item or category of item with its estimated or appraised value. Counsel will assist you in knowing which type of value is required. Included in your inventory are jewelry, clothing, household furniture, artwork, vehicles, bank accounts, unpaid loans, investment accounts etc. Just a sample.

This initial inventory and the value thereof, constitute the beginning of the accounting that will be finally presented to the court for approval at the closing of the probate process. Its contents are unique to the holdings of the decedent. The inventory is the basis of your task at hand to account to the court and manage transfers to the designated beneficiaries.

Your Life. Your Legacy. Your Way.

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Confluence Law Center, serving Clackamas, Hood River, Wasco, Deschutes, Multnomah and Washington Counties.

Confluence Law Center

24461 E. Welches Road, Suite 4

P.O. Box 964

Welches, OR 97067


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