Consider opening an estate checking account from existing estate funds to pay for household bills and estate expenses (e.g., attorney, appraiser).

Once a will is found (or the person is determined to be intestate, meaning having no will), an estate in probate need to be valued. So the next step in the process is to gather enough information to determine the value of the estate.

The first thing to do is to take an inventory of estate assets: bank and brokerage accounts, money owed to the estate (the final paycheck or loans to family members, for example), the home, cars, collectibles and other items. Valuing real estate, vehicles and collectibles may require a professional appraisal. This inventory must be filed with the court.

Don’t hurry this step…executors often find unexpected assets and liabilities scattered throughout a person’s possessions.  Besides, most local courts have a waiting period to allow assets to be uncovered and claimants to file bills with the estate.

Unless funds are necessary, don’t sell stocks or bonds…there are changes and complexities in valuation that may impact the estate.  Once everything is collected and approved by the probate count, the executor will pay all claims before distributing the remaining assets as the will directed. These include:

• Costs and expenses of administering the estate (no executor is expected to pay these out of their own pocket.
• Funeral Expenses.
• Debt and other claims.
• Taxes.