One of the executor’s major responsibilities is to identify, locate, and secure all assets of the estate. This involves more than just listing what the deceased owned - it means:
- Compiling a comprehensive inventory of assets
- Determining which assets form part of the estate (and are under your control)
- Identifying non-estate assets that pass directly to others (e.g., joint property, insurance policies, or registered plans with named beneficiaries)
- Taking prompt steps to protect and preserve the value of all estate property until distribution
In this section, we’ll walk you through the “detective work” of locating assets and provide practical strategies for safeguarding them—from real estate, vehicles, and financial accounts to digital assets and more unusual forms of property.
Inventorying the Assets
Assets that Bypass the Estate
Securing and Maintaining Estate Assets
Valuing Estate Assets: Why It Matters and How to Do It Properly
Managing Investments During Estate Administration
Special Asset Considerations
Wrapping Up the Asset Review Phase
By the end of this phase, you should have assembled a comprehensive inventory of the estate’s assets—including what they are, their approximate value, where they are located, and how they are owned (solely, jointly, or with designated beneficiaries). You should also have taken reasonable and documented steps to secure and maintain those assets during the administration period.
With the estate’s asset base now established and protected, you’re ready to move to the next critical stage: addressing the estate’s liabilities and debts. Before any distributions can be made to beneficiaries, all legitimate debts - including taxes - must be identified and paid.
In the next section, we’ll cover how to handle claims and obligations properly, and how to protect yourself from personal liability by following the correct procedures.