An initial task of an executor named in a last will and testament to handle the affairs of the deceased is to prepare an inventory of the estate. The inventory list for a last will and testament includes all property owned by the deceased, including real estate and all major personal property and those sentimental items specifically mentioned in the will. Once completed, the inventory is filed with the probate court presiding over the matter of the last will and testament.
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Real estate is a major element of an inventory list for a last will and testament. Typically, the real property included on such an inventory list is the residence of the person who died. However, all other real estate in which the deceased person had an ownership is included. Additionally, the probate court, in processing a will, usually will require that the current value of the real estate be determined through an independent appraisal.
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Any motor vehicle owned by the deceased person is listed on the inventory. The requirement with regard to a motor vehicle is to set forth the make, model, year and estimated value.
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Major household furnishings are part of the inventory list. These items can be listed in categories that include appliances, furniture and electronics. Any particularly unique or unusually expensive item is listed individually. As with other types of property, a value is noted for the home furnishings based on an estimate.
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If the deceased person owned jewelry, that type of property is included on the will inventory list. In many cases jewelry is listed generally with an estimated value noted. However, if the deceased owned particularly unique or valuable jewelry, individual pieces are identified on the will inventory list. The court may require appraisals of these pieces.
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All types of financial accounts are included on the inventory list for a last will and testament. This includes bank accounts, stock accounts, mutual funds and any other type of financial or investment account owned by the deceased individual at the time of her death.