If you are named as the personal representative of an estate and the court appoints you, unless waived by Will or relieved by the Court of doing so, you are required to prepare and file an inventory report within six months of being appointed pursuant to O.C.G.A. §53-7-30. Additionally, unless waived or relieved, the personal representative must file an annual report pursuant to O.C.G.A. §53-7-67. Whether filing these reports is required or not, you are still responsible for preparing an inventory and accounting and providing the reports to the heirs and/or beneficiaries of the estate.
What is an Inventory Report?
The initial inventory report lets the Court and beneficiaries/heirs know what assets are in the estate and the value of the estate. The report should include all real estate and personal property, including:
- Vehicles.
- Bank accounts.
- Real estate.
- Stock, bonds, and securities.
- Retirement accounts.
- Other personal belongings.
What Do I Include in an Annual Return?
You should keep every receipt for expenses of the estate, reimbursement of expenses incurred prior to the opening of the estate, and distributions. The annual return must show an itemization of all assets and expenditures.
Additionally, you need to show proof, so make sure you save all receipts and invoices. It will help you to keep invoices, bills, and receipts in a file organized by date. You must file an annual report within 60 days of your appointment anniversary until the probate court closes the estate, unless waived or relieved of doing so.
Contact Grissom Law
If you lost a friend or loved one and that person named you as a personal representative, contact our Georgia estate planning attorneys at Grissom Law, LLC for consultation. We work with personal representatives to probate estates.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.