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Video instructions and help with filling out and completing What Form 5495 Estates

Instructions and Help about What Form 5495 Estates

Welcome back, this is Sharon Bornho and in today's video, we're going to talk about step three. The assets are sold. So if you remember, in the beginning, we talked about the other steps. Someone passes away, and that's what starts the whole process of opening a probate and settling the estate. So, someone passes away, and there could be a period of time before they actually open the estate, which is step two. In step two, the estate is formally opened, and it's determined if there's a will or not. It also determines who is the executor or administrator. Once that is done, then people can proceed with step three and with the business of the estate. The third step is selling the assets in the estate. The executor or administrator's job is to keep the assets safe until everything happens along this process, and the heirs ultimately receive their share. They are in charge of everything, including bank accounts, selling real estate, and selling all other assets. The assets being referred to here include real property (real estate), as well as personal property such as stocks, bonds, jewelry, cars, and bank accounts. Real property encompasses land, houses, and other attachments like drilling and mineral rights. Sometimes, there are occasions where certain assets don't have to be sold. For example, if the person had a survivorship deed on a house, it would pass directly to the surviving spouse or child and wouldn't go through probate. Additionally, some items like jewelry can be specifically willed to a certain person. Assets that don't pass through probate include life insurance and investment accounts with designated beneficiaries. In general, the third step in the process is selling the assets. In the next video, we will discuss what happens after the assets are sold...