Detailed Answer
Under Wyoming law, a year’s allowance for a surviving spouse and minor children is charged against the probate estate. To determine the value of assets available to satisfy this allowance, the personal representative must file an inventory listing all estate assets, including both real and personal property. Wyoming’s probate statutes require this comprehensive inventory to ensure fair allowance distribution.
1. Statutory Basis for Allowances and Inventory
- Family allowance: W.S. §2-2-204. This statute entitles the surviving spouse and minor children to a reasonable allowance for their support from the estate. Read W.S. §2-2-204.
- Inventory requirement: W.S. §2-2-603. Within three months after appointment, the personal representative must file an inventory of all estate assets. Read W.S. §2-2-603.
2. What Qualifies as Personal Property?
Personal property includes items such as:
- Household goods (furniture, appliances, electronics)
- Vehicles (cars, boats, recreational vehicles)
- Jewelry, artwork, collectibles
- Bank and investment accounts
- Stocks, bonds, retirement accounts
- intangible assets (royalties, digital currencies)
3. Why You Must List Personal Property
Listing personal property ensures the court and beneficiaries know the full estate value. The year’s allowance is deducted from the estate’s personal and real property. Omitting assets can lead to surcharge against the personal representative or denial of the allowance.
4. How to List and Value Personal Property
- Identify each item clearly (e.g., “2018 Toyota Camry; VIN XXX”).
- Assign fair market value as of the decedent’s date of death.
- Attach supporting documentation (appraisals, bank statements).
- File the inventory using the Wyoming Judicial Branch probate forms.
Disclaimer: This article is for educational purposes only and is not legal advice. Consult a qualified Wyoming probate attorney to address your specific situation.
Helpful Hints
- Gather all financial statements and physical asset lists before drafting your inventory.
- Use the official Wyoming Judicial Branch probate forms to avoid procedural errors.
- Keep detailed records of how values were determined (e.g., appraisals, dealer quotes).
- Meet the three-month deadline for filing your inventory under W.S. §2-2-603.
- Consider hiring a probate professional or attorney if the estate is complex or involves disputes.