What is included in Assets and Debts of an Estate?
After you are appointed Executor or Administrator of your loved ones estate, you will have the authority manage the assets and debts of the estate. You begin by opening a bank account for the estate. (Please see my blog about theprocess of opening an account.) Here is a general list of some of the debts that might be included in your loved one's estate:
- Funeral and Burial Expenses
- Unpaid Medical Expenses
- Half of the Community Debts Due at Death (50%) – these include mortgage payments, car notes, power and utility bills and credit card payments.
- All or One Hundred Percent (100%) of Bills that are considered Separate Debts
- Any Fees that are owed to the Executor or Administrator of the Estate
- Attorney Fees and Court Filing Fees
Here is a list of important Assets you should manage:
- Immovable Property or Real Estate: family home, rental properties, business offices
- Savings or Checking Accounts
- Accounts with Financial Institutions that are not Savings or Checking accounts – Brokerage Accounts
- Stocks or Bonds
- All Titled Vehicles: car, truck, boat, etc.
- Any Loans that your loved one has given out –
Here is a List of Assets that will be distributed outside the Succession or Probate, so it is unlikely you will manage these assets, unless the designated beneficiary is the "estate."
- IRAs, 401Ks and Insurance policies
- Savings Bonds that name your loved one and another person as owner, and that person is still living.
Your Louisiana Succession Attorney or Baton Rouge Probate Lawyer can answer any questions you have about managing these assets and debts.