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After all relevant parties have been notified, the executor can begin identifying, collecting, and appraising the decedent’s assets. These include:
Bank accounts
Retirement accounts
Stocks and bonds
Some life insurance policies
Real estate
Motor vehicles, such as cars, motorcycles, and RVs
Personal property, such as jewelry and household furnishings
Some assets, such as bank and investment accounts, are relatively easy to appraise. However, property, such as jewelry and art collections, can be more difficult to assign a value to. In these cases, executors often hire an appraiser to ensure the property’s value is accurately assessed.
Depending on the size of the estate and the type of assets, this process can take a significant amount of time. Hiring an Ohio probate lawyer can ensure the assets are identified, valued, and managed correctly if it is a large estate or there are especially valuable assets.
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