[WSBAPT] Inventory

[Eric Nelsen]

Inventory is for all assets owned at the instant before death. So operation of the Will, and transfer to the Testamentary Trust, does not affect the Inventory. Also, the assets don't usually automatically transfer to the Trust; the Estate still has to pay debts, expenses, etc., before it can determine what can be distributed to the Trustee. The Trustee is basically like any other beneficiary; the Estate administrative process has to be completed before distributions can be made.

1. No, it's all part of the Estate still.
2. Inventory should include all assets owned, regardless of whether or not they would pass to the Trust eventually.
3. Yes, shares owned at death are detailed in the inventory, including the per-share value at date of death. If the death was on a weekend or other non-trading day I typically use the IRS's formula for determining value, which is in their Form 706 instructions somewhere (I haven't had to do that in a long time).

Sincerely,

Eric

Eric C. Nelsen
SAYRE LAW OFFICES, PLLC
1417 31st Ave South
Seattle WA  98144-3909
phone 206-625-0092
fax 206-625-9040

From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Anthony Vivenzio
Sent: Tuesday, November 19, 2019 2:29 PM
To: WSBA Listserv
Subject: [WSBAPT] Inventory

Listmates,
Decedent passed away in October, 2018.  her will contained a testamentary trust.  One son is the PR, as well as the trustee of the testamentary trust.  All of the Decedent's assets constitute her estate as of that date of death.


1.       Do the assets cease to be part of the Decedent's estate when she passes and become the corpus of the testamentary trust, as a separate entity?

2.       If a beneficiary requests an inventory of Decedent's "estate," does that include those assets now in the trust?

3.       If the Decedent's trust contained shares of a corporation, would those now need to be inventoried along with market value?


Anthony D. Vivenzio,
Attorney and Counselor at Law
PO Box 208
540 Guard Street, Ste. 260
Friday Harbor, WA  98250
(360) 378-6860
vivenziolaw at rockisland.com<mailto:vivenziolaw at rockisland.com>

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