Idaho Law Blog
In the course of my practice I often represent individuals who are named as Personal Representatives in the probate of a loved one. As I work with Personal Representatives one of the things I help with is determining the assets that belong to the decedent when they passed away. This is important because I often find that even spouses often don’t know all of the assets that are held by their spouse or other loved ones who have passed away. Here is a list of 3 most common types of assets that are in an estate.
1. REAL PROPERTY
Real estate, or real property, which most people recognize as a home, is the most common type of asset that is held in an estate. Many individuals, including spouses, are surprised to find out that when their loved one passed away the property does not automatically revert to end air. Rather, the name of the decedent is still listed on the title of the real property and needs to be change through the probate process. Because real property is valuable, it is most often the a set of highest value in an estate. For this reason it is important for individuals to search through their own documents and records, and possibly obtain the assistance of a title company or County recorder to determine what real property was owned by the decedent when he died.
2. PERSONAL PROPERTY
The second most common type of asset is that of personal property, which is also known as tangible property. This type of property includes items that can be touched (other than real property), carried, and or moved. Items such as coin collections, equipment, vehicles, antiques, jewelry, and cash are all included in the category of personal property. Of course this is not an exhaustive list, but is designed to give you an idea of the types of things that fit into the category of personal property.
3. INTANGIBLE PROPERTY
This leads to the third category of property that a personal representative should explore, which is often overlooked. Items of intangible property include things such as an income tax refund, or an overpaid bill that will be refunded, or a prepaid deposit on an item that is no longer needed, or life insurance benefits or disability insurance benefits, or monies that are owed to the decedent by another individual evidenced by a promissory note or an IOU.
Every one of the items listed above should be included in the inventory of a decedent’s estate through their probate. Personal Representatives have the responsibility of determining all the assets that were owned by the decedent at the time of their death. Personal Representatives also have the responsibility of protecting these assets so that they can be properly distributed to the heirs of the decedent.
If you have questions about the assets that are included in the estate of a loved one, or if you have questions about your own Idaho estate planning, or an Idaho probate we can help. Call us toll free at 877-232-6101 or 208-232-6101 for a consultation with Lane Erickson and the Racine Olson team of Estate Planning attorneys in Idaho. You can also email Lane Erickson directly at lve@racinelaw.net. We will answer your Idaho Estate Planning questions and will help you solve your Idaho Estate Planning problems.
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