Estate Law Questions? Ask an Estate Lawyer.
Thanks for your questions and good afternoon.Let's go through them here..stocks and bonds that I cashed out-form –line 3 Part I AOC-E-505--if these were converted to cash then list them under receipts2.Personal property-still have home furnishings but the 2 vehicles were taken over my repair shop because they were never picked up-line 5 Part I AOC-E-505-you really need to liquidate anything of value here, either by estate sale or other means.Then the income gets reported under receipts.You have to liquidate anything of value before you are ready for a final accounting.At worst if it has no value you would donate it to charity and report it as such.This is critical if there are multiple heirs to be able to then distribute eveything and close it out.3.Personal Property Recoverable-GS 28A-15-10 Joint accounts that my brother gor because his name was on account.- line 3 Part II AOC-E-505.If these were not part of the estate, they passed under say a right of survivorship then you do not report it here , it passed outside of probate.If it was made a part of probate here, had no right of survivorship then it can be reproted under receipts line Section III4.Property-We still have this..has not been sold line 4 Part II AOC-E-505.Once you sell it then it is reported as a receipt under Section IIIIf you are going to distribute it here--deed it to theirs it goes under this line.Again you either have to sell it or distrinute it to finalize the estate and resolve everything.I am wondering here if you should not complete resolution of any remaining personal property, either by estate sale or donation prior to filing the final accounting.The final accounting is supposed to represent the ending of the estate and it appears you still have some loose ends to resolve first.This would allow you to be able to complete this easier and more correctly.The court is likely to have fewer questions as a result.
Remember any heir can buy something with sentimental value but little overall value say a picture or whatever at such an estate sale.Again the proceeds are listed under receipts Section III.And you really need some kind of resolution to the real property--either deed it to all heirs as distribution and list it as such , or sell it and then report proceeds under receipts.It has been my pleasure ot assist you today.Please let me know if you have follow up.As long as you list everything here even if it is in a wrong category you would not likely have any liability issues since you made full disclosure to the court and the heirs.
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