Only the Personal Representative, (PR), may,

 

Assume control of all of the decedent's property;ascertain the parties entitled to receive the decedent's property;

Compile a complete listing of all of the property in which the decedent had an interest;

Establish values for all of the decedent's property;

Pay the debts of the decedent, funeral expenses and administration expenses;

File all required tax returns and pay taxes due;

And, lastly, distribute the property to the persons entitled to it.

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The PR Must Also Protect the Value of Estate Property.

 

This includes the duty to invest the property in a prudent manner. It is important that adequate insurance coverage be maintained on estate property, including residential and business buildings, motor vehicles and other items of tangible personal property

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Property may be Tangible or Intangible

 

Tangible Personal Property

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Tangible personal property includes furniture and household goods, antiques, art objects, personal effects, jewelry, motor vehicles, boats, airplanes, collections and paintings.

 

 

Intangible Property

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Intangible property includes debts due the decedent, claims for refund (i.e., refund of income taxes), business interests (if unincorporated), patents, copyrights, royalties, farm interests (including farm products, growing crops, livestock and machinery), judgments, employment benefits, death benefits, Individual Retirement Accounts and reversionary or remainder interests.

 

Estate Inventory

 

Furniture and furnishings and personal effects will not be itemized on the inventory, except for individual items specifically given by will or having a value in excess of $1,000. The personal representative should provide the attorney with an estimate of the fair market value of the household goods, furniture and furnishings and personal effects. Articles of special value, such as antiques and art objects, should be appraised professionally. For each motor vehicle, boat or airplane, the year, manufacturer, model, vehicle identification number and the name in which it is owned should be provided. This information is on the certificate of title for the property, a photocopy of which should be given to the attorney. The personal representative should also give the attorney an estimate of the fair market value for each motor vehicle. Boats and airplanes can be appraised by a boat or airplane dealer or by a special appraiser.

 

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Discussion: Probate versus Non-Probate Property

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The property owned by the decedent is segregated between "probate property" and "non-probate property." Both probate property and non-probate property are included in the decedent's taxable estate for federal estate tax purposes.

 

Probate Property

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Probate property is property that by its own terms does not have a contractual beneficiary designation controlling disposition of the property. Probate property is subject to the jurisdiction of the probate court and distributed in accordance with the terms of the Will. If the decedent died without a valid Will, the property will be distributed according to the intestacy laws of the State of Washington.

 

Non-probate Property

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Non-probate property is property that by its own terms has a contractual beneficiary designation controlling disposition of the property.

 

Examples: Probate versus Non-Probate:

 

Probate Property

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All Property titled in the decedent's name.

Real estate, Stocks, Bonds, Accounts, held in joint tenancy with rights of survivorship, (JTWROS), but without surviving joint tenants.

Insurance on the life of the decedent, payable to the estate or to another who has died.

Pension or profit-sharing plans payable to the estate or to a person who has deceased without a substitute beneficiary who is alive.

 

Non-Probate Property

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Real estate, Stocks, Bonds, Accounts, held in JTROS with another tenant, where joint tenants survive.

Insurance on the life of the decedent payable to another who is alive.

Pension or profit-sharing plans payable to another who is alive (and not also payable to the estate).

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 DISCLAIMER: The content on this web page is for information purposes only and is subject to change by government agencies.  It should not be relied upon as current.  It is designed only for information purposes and does not constitute legal advice. Nothing contained on this web page is intended as legal advice, nor does it establish an attorney-client relationship.  Attorney / client relationships may only be established by a written instrument called a retainer agreement, which carefully defines the obligations of both the attorney and the client, and defines the compensation to be paid for specific services.  

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