Detailed Answer
Under Alabama law, a personal representative must file a complete, sworn inventory of the decedent’s assets—including all personal property—within four months of appointment. See Section 43-8-80, Ala. Code. This inventory is the foundation for calculating the year’s allowance, which gives a surviving spouse and minor children a preferential right to a specified amount of personal property before any creditor claims.
Why Listing Personal Property Is Required
The year’s allowance statutes (Section 43-8-140 et seq.) tie the value of exempted property directly to the values you report in your inventory. Without listing each item—furniture, jewelry, vehicles, cash, bank accounts, investments—you cannot determine whether the estate holds sufficient personal property to satisfy the allowance. An accurate inventory protects the rights of the surviving spouse and children and ensures compliance with statutory deadlines.
Calculating the Year’s Allowance
Under Section 43-8-141, the year’s allowance entitles a surviving spouse to up to $30,000 in personal property and each minor child to up to $10,000, all free from creditor claims. The court will apply the values listed in your inventory to determine whether these amounts can be paid in full and, if not, how they should be apportioned among beneficiaries.
Disclaimer
This article is for educational purposes only and does not constitute legal advice. For guidance tailored to your specific situation, consult a qualified Alabama probate attorney.
Helpful Hints
- Gather documentation—appraisals, receipts, bank and investment statements—to support your values.
- Classify assets clearly (e.g., household goods vs. collectibles) to avoid valuation errors.
- Meet the four-month deadline for filing your inventory under Section 43-8-80.
- Review Alabama Code Title 43, Chapter 8 for all probate and allowance rules.
- If assets are complex or beneficiaries dispute the inventory, consider consulting a probate attorney early.