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How to Fill Out Asset List

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Ive been appointed the personal representative and a deceased probate estate in Michigan and now its time to present the inventory Hi ImDarren Findling of The Probate Pro. Were gonna walk step-by-step through form PC five seven seven that is a state court administrator form for the preparation of the required inventory this form is required under both Michigan statute as well as Michigan Court Rule we strongly urge you to use an experienced competent probate lawyer when completing this form and to refer to the statutes and court rules that identify how to complete the form were going to explain how this form works specifically how you complete it and then what the rules are relating to service this form must be presented to the probate court within 91 days of the appointment of the personal representative now notice I didnt say the word filed because in Michigan the presentation of the inventory in an unsupervised administration is the requirement

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What do you include in a list of assets?

Examples of assets include: Cash and cash equivalents. Accounts Receivable. Inventory. Investments. PPE (Property, Plant, and Equipment) Vehicles. Furniture. Patents (intangible asset)

What are assets give 5 examples?

Examples of Assets Cash and cash equivalents. Accounts receivable (AR) Marketable securities. Trademarks. Patents. Product designs. Distribution rights. Buildings.

What are examples of personal assets?

Examples of personal assets include: Your home. Other property, such as a rental house or commercial property. Checking/savings account. Classic cars. Financial accounts. Gold/jewelry/coins. Collectibles/art. Life insurance policies.

What are 10 examples of assets?

What are the Main Types of Assets? Cash and cash equivalents. Accounts Receivable. Inventory. Investments. PPE (Property, Plant, and Equipment) Vehicles. Furniture. Patents (intangible asset)

What does it mean to list your assets?

Updated June 01, 2022. A current assets list is a list of all items under an individuals ownership, including but not limited to personal property (household items, jewelry, vehicles, etc.), bank accounts, real estate, investments, life insurance policies, and any other valuables.

What are good personal assets?

Personal Assets Cash and cash equivalents, certificates of deposit, checking, and savings accounts, money market accounts, physical cash, Treasury bills. Property or land and any structure that is permanently attached to it. Personal propertyboats, collectibles, household furnishings, jewelry, vehicles.

How do you write a list of assets?

How To Create Your Asset List Decide how you want to create your asset list. Determine the items that need to be included in your asset list. Gather key documentation. Store your asset list in safe place. Update your asset list. Your estate plan is more than just your legal documents.

What defines personal assets?

Personal assets include anything you own that has monetary value, personal value, or both. Assets play an important role in determining your net worth and estate planning.

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