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If you are charged with executing someone’s estate, then one of the first things you must do is create an inventory of their assets.

Knowing how to do this will be crucial to the smooth running of the rest of the probate process. Here are some pointers to consider:

First list their assets

You may have to search long and hard to find all the assets the deceased owned, but doing so is essential to ensure all the assets can be distributed appropriately.

A few places you might not think to look, but where valuable assets may be held include out of state, offshore, overseas and in the virtual universe.

Second, put a value on each asset

What is each asset worth? For some assets, such as the contents of a savings account, that is easy to work out – the statement will tell you the current value. For others, it can be much more complicated. You might need to bring in professionals in their field to put a value on artworks, classic cars, antiques and real estate.

Third, list their debts

Some people own a lot of assets but incur a lot of debt to get them. If the deceased still owes individuals or institutions money, you need to know. You will be in charge of paying those the court deems necessary, using the assets in the estate to do so. Only then will the court permit you to distribute the remaining assets.

While you alone may be appointed executor you do not have to do everything yourself. Seeking help and guidance can make your job easier and more efficient.