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Best Practices in Filing and Preparing Inventory for Paralegals

Avoid common mistakes and learn best practices with the inventory process.

Many people who have been named as an executor/personal representative under a will do not know whether they actually need to probate the will or not. They also do not understand how the probate process works and how the title of estate assets are passed to the beneficiaries. This topic helps the paralegal to explain to the persons responsible for probating a will how first to examine all the assets of an estate and then how to determine whether each asset will need to go through the probate process. The material also explains the method required for determining whether an asset of the estate will be included in the Inventory and how to describe and value each type of asset. Failing to understand the Inventory process is a common mistake among paralegals and attorneys alike. It has often led to incorrect filings which might mislead creditors and/or beneficiaries of the estate. This information is critical for law firms engaged in probate matters to ensure that information is correctly included in inventories to protect executors and the law firm assisting them.

Runtime: 101 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

The Purpose of the Inventory

  • For the Court
  • For the Executor/Personal Representative
  • For the Beneficiaries
  • For the Creditors
  • For Third Parties

Pre-Consultation Interview

What Assets Belong on the Inventory?

  • Solely in Decedent's Name
  • Joint Tenants/Tenants in Common
  • Accounts With Beneficiary Designation Forms
    • No Beneficiary Listed
    • Estate" Listed as Beneficiary
  • List of Claims Owed to Estate

What Assets Do Not Belong on the Inventory?

  • Joint Tenants With Rights of Survivorship
  • Accounts With Beneficiary Designation Forms
  • Pod or Tod Beneficiary Designations
  • Out-Of-State Real Property
  • Transfer on Death Deeds/Lady Bird Deeds/Life Estates

Categories of Assets/Valuation Issues

  • Real Property
  • Stocks and Bonds (Brokerage Accounts)
  • Mortgage, Notes and Cash
  • Insurance Payable to Estate
  • Jointly Owned Property
  • Miscellaneous Property
  • Annuities
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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on May 22, 2019.

Call 1-866-352-9540 for further credit information.

  • NALA 1.67
     
  • This seminar meets the requirements of the Certifying Board for Legal Assistants of the National Association of Legal Assistants, for continuing legal assistant education credit required to maintain the CP (Certified Paralegal) credential for (s) hours.
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Alan L. Stroud, J.D., CPA

Alan L. Stroud, J.D., CPA

Beck & Associates, PLLC

  • Partner in the office of Beck & Associates, PLLC
  • Practice emphasizes all aspects of estate planning and probate, asset protection planning and business planning
  • Conducts regular seminars and workshops on numerous topics relating to estate planning and probate
  • Membership/Certification information: State Bar of Texas; Board Certified Estate Planning and Probate by the Texas Board of Legal Specialization; Certified Public Accountant (Texas)
  • LL.M. degree, New York University School of Law; J.D. degree, University of Tulsa College of Law; B.A. degree, University of Texas at Arlington; B.B.A. degree in accounting, University of Texas at Arlington
  • Can be contacted at [email protected] or 281-440-4777
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 404767
Published 2019
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