Dealing with the personal property of the estate.
In addition to real property like a home or land, most estates also include personal property — everything from household furniture to investment accounts.
Handling personal property properly is an important part of your duties as the personal representative.
Here’s how to manage it step-by-step.
Step 1: Identify and Secure the Personal Property
As soon as possible after your appointment:
Secure the decedent’s home and any vehicles.
Change locks if necessary to prevent unauthorized access.
Take photographs or video recordings of the contents of the home.
Gather records of financial accounts, retirement funds, and insurance policies.
👉 You are legally responsible for protecting the estate’s property until it is properly distributed.
Step 2: List and Value the Personal Property
You will need to:
Inventory the major assets (such as furniture, electronics, jewelry, vehicles, and collectibles).
List bank accounts, investment accounts, and other financial assets separately.
Assign values to each item or account as of the date of death.
For high-value items, you may need to:
Obtain a professional appraisal (especially for jewelry, artwork, antiques, or collectibles).
Use financial statements to value cash, stocks, and retirement accounts.
This information must usually be included in the Inventory you file with the Court.
Step 3: Manage Tangible Personal Property (Household Items)
Once personal property is identified and valued:
If specific items are gifted in a Will, deliver those items to the named beneficiaries.
If items are not specifically gifted, you can:
Distribute them among heirs (with Court permission if needed).
Sell them at auction or estate sale (with proceeds deposited into the estate account).
Donate low-value items (keeping careful records).
👉 Always document what was sold, donated, or distributed — including who received what and for how much.
In supervised estates, major sales of personal property may require Court approval first.
Step 4: Manage Financial Assets (Bank Accounts and Investments)
Handling cash and investments involves different steps:
Collect any funds payable directly to the estate.
Transfer funds into the estate’s bank account (never into your personal account).
Manage investment accounts cautiously, following the prudent investor rule — do not speculate or gamble with estate funds.
Pay estate debts from the estate account as claims are approved.
Distribute remaining cash or investments to heirs only after all debts, taxes, and expenses are paid.
Some financial institutions will require:
A certified copy of the Letters of Administration
A court order authorizing transfer, particularly for large accounts
Step 5: Be Cautious About Early Distributions
You should not distribute personal property or financial assets before all debts, taxes, and creditor claims have been resolved, unless:
You obtain Court permission
All heirs consent in writing
You set aside enough funds to cover any known or possible claims
Distributing assets too early can make you personally responsible if debts later arise that the estate cannot pay.
Managing the personal property of an estate — whether it’s furniture, bank accounts, or investments — requires careful organization, Court compliance, and transparency.
Keeping good records protects you and helps the estate move smoothly toward closing.
Legal Disclaimer: This information is provided for general educational purposes only and does not constitute legal advice. Please consult an attorney for advice specific to your situation.