Practice Areas
- Medicaid
- Living Trusts
- Estate Administration and Probate
- Asset Protection
- Veterans Benefits
- Special Needs Trust
Blog 
Estate Administration and Probate
- Finding Tips On Estate Planning at the Theatre
- Update on the Status of Federal Estate Tax
- Michael Jackson Estate Makes Land Mark Estate Deal With Sony
- The Governator Says Health Reform Will "Beat Up" California
- When a will isn’t enough
News
- The Growing Rate of Dementia and Alzheimer's...
Posted on 3/9/2010 - Let it snow! Pittsburgh Extends Property Tax Deadline...
Posted on 2/9/2010 - Estate Tax, Medicaid, Social Security Changes Ring In New Year...
Posted on 1/13/2010 - Main beneficiary to Michael Jackson’s estate shakes up her probate team...
Posted on 10/22/2009 - Illinois Supreme Court upholds will restricting inheritance based on religion...
Posted on 9/30/2009
Library
Estate Administration and Probate
- When Pennsylvania Estate Recovery Can Take Place By Law
- Joint Bank Accounts - Risks and Benefits
- Guidelines for Gifts and Joint Accounts
- Intestacy Laws Of Pa: Dangers of Not Having a Current Living Will
- Drafting Wills That Protect Clients' Interests: Every situation is different, which is why we select vehicles that meets each client's needs
Frequently Asked Questions
Q: What does it mean to inventory property during probate?
A:
During probate, one important step is to determine the value of the estate’s property. This is accomplished by performing an inventory of all the real and personal property that makes up the estate.
Hopefully the estate owner knew about how much their estate was worth when they were preparing their estate plan. In an ideal situation, a list would have been prepared with the estate plan showing the approximate value of all property in the estate. Eventually the list will become outdated, but at least there will be a starting point.
The value of all of the property must be tallied up, and this is the starting point for two big next steps. First, the estate creditors will need to be paid off. Second, the beneficiaries will receive whatever is left. For this reason the beneficiaries will probably want to know what assets are in the estate.
In cases where there was not enough in the estate to satisfy the creditors, the beneficiaries will receive nothing.
Elder Law Offices of Shields and Boris
109 VIP Drive
Suite 102
Wexford, PA 15090
Phone: (724) 934-5044
Toll Free: (800) 879-0984
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