Asset Identification and Valuation for Estate Settlement

Step 1: Identify All Assets

• Recognize that assets can vary widely, from tangible items like jewelry to intangible holdings like stocks and trademarks.
• Understand that dealing with different assets may evoke various emotions, but it's essential to track them all.

Step 2: Create a Comprehensive List

• Document every asset in one place for transparency and trust-building among family members.
• This list will guide the estate settlement process and tax assessments.

Step 3: Assess Asset Values

• Determine the monetary value of each asset, which is crucial for probate proceedings and taxation.
• Professional appraisal may be needed for high-value assets like real estate, vehicles, or art.

Step 4: Locate Assets

• Search for assets in various places:some text
  • Look for documents providing proof of assets.
  • Check safe-deposit boxes, storage units, and the mailbox.
  • Examine computer files and emails for digital records.
  • Consult family and close friends for insights.
  • Review federal income tax forms or 1099s for financial clues.
  • Ask your loved one's lawyer or accountant for information.