Our firm specializes in wills, trusts, and estates, representing many personal representatives after loved ones pass away through probate administration.
What Does "Marshalling Assets" Mean?
Marshalling assets means collecting and identifying all assets belonging to the decedent that are now owned by the estate.
Types of Assets to Collect
Bank and Investment Accounts
- Review statements (mail or online)
- If no statements available, identify institutions and contact them
- Show evidence of personal representative appointment
- Request account ownership updates to estate tax ID number
Real Property
- Secure access to property (who has keys?)
- Consider changing locks for security
- For rental property: verify tenant legitimacy, check lease agreements, consider eviction if necessary
Personal Property
- Automobiles, collectibles, artwork, firearms, jewelry, gold, silver
- Cryptocurrency (increasingly common)
- Review decedent's mail for clues
- Search residence thoroughly
Liquidation Considerations
Real Property
May need judicial order before sale.
Financial Accounts
- Establish single estate account under estate tax ID
- Liquidate other accounts and transfer proceeds to estate account
- This simplifies final accounting to beneficiaries
- Reduces market risk during the lengthy probate process
Why Liquidate?
- Simplified accounting: Easier to track one account vs. multiple active accounts
- Market protection: Probate takes many months; you don't want to be blamed for market losses
- Expense management: Cash from single account can pay estate expenses, taxes, bills, and valid creditor claims before final distribution
Final Distribution
Once all expenses and claims are handled, remaining funds are distributed to rightful beneficiaries or heirs.
This is just one part of the complex probate process. Anyone acting as personal representative would benefit from attorney guidance throughout. If you have questions about a situation you're in, please reach out to our experienced team.
