People hope to leave their belongings to those they care about after they pass away. However, without estate planning, this goal becomes more difficult right from the start. Someone must identify, organize, and take control of all assets owned by the deceased to begin administering the estate. This process is known as marshaling assets.
If you have questions regarding marshaling assets in Aurora probate cases or managing an estate, speaking with an experienced probate attorney can help. At Estate & Probate Legal Group, our team has the experience you need to help ensure that the distribution of benefits goes smoothly.
Why Is Marshaling Assets Important?
In Aurora, securing asset documentation for estate administration is important for multiple reasons. First, there is a risk that someone could forget or steal unidentified assets. Second, asset distribution cannot occur until the estate no longer holds any debts and liabilities. Marshaling assets helps gather all the estate’s resources to cover any debts or unpaid taxes so that the estate administration can proceed to the next step.
It also includes taking control of the deceased’s assets. For example, the personal representative in charge of marshaling assets may have to choose an investment account or hire contractors to perform necessary maintenance to prevent property from falling into disrepair. If the representative does this task well, the estate could retain more of its value when the assets are ready for distribution.
Frequent Issues to Consider When Marshaling Assets
Identifying and locating all assets for distribution can be challenging. Assets may include:
- Bank accounts, such as checking and savings accounts
- 401(k), retirement, and pension accounts
- Other investment accounts, such as mutual funds, term deposits, or bonds
- Intellectual property, such as patents, trademarks, and copyrights
- Life insurance and accidental death policies
- Homes, apartments, or other real estate
- Vehicles, such as cars, boats, and motorcycles
- Personal property, including family heirlooms, documents, and jewelry
It is not always easy to identify each of these asset types, especially if the person who passed away did not leave a list or left only an incomplete list behind. For example, a person may have multiple bank accounts across several banks and credit unions. The deceased may also have insurance policies or retirement accounts that were not rolled over. Sometimes, there may be a safe deposit box or even a piece of property that comes as a surprise even to other family members.
Safeguarding the assets from others may present another challenge. If other people have access to the deceased’s personal items, the personal administrator must take a proactive approach to gathering the assets for estate settlement in Aurora. Sadly, it is not uncommon for family members or other people who have access to a home to take valuable items, such as jewelry, guns, or important documents.
Contact Our Legal Team Today for Help Securing Estate Assets in an Aurora Probate Case
The task of marshaling assets in Aurora probate cases is essential, as it protects the deceased’s assets until distribution can occur in accordance with their will or state law. However, securing and managing assets can be complex, especially for estates without appropriate organization.
If you are a personal representative or you think a mistake occurred during estate administration, our knowledgeable team of professionals at Estate & Probate Legal Group can help. We have the experience to help you find answers and navigate the often-confusing probate process. Contact us today to discuss your unique case and learn more.