What should the personal representative (PR) include in their statement during the asset administration process?

The personal representative (PR) must include the fair market value of all property that belonged to the deceased in their statement during the asset administration process. This requirement ensures a comprehensive inventory of the estate, which is crucial for accurately assessing the total value of the estate for purposes of taxation, distribution to heirs, and settlement of debts.

Listing the fair market value is essential because it reflects what the assets would realistically sell for in the marketplace, rather than their original purchase price or any sentimental value. This valuation helps provide transparency to all interested parties, including beneficiaries and creditors, and is a critical part of the PR's fiduciary duties.

By including the entirety of the deceased's property, the PR is laying a foundation for fair and equitable distribution of the estate's assets. It addresses the interests of all parties involved and complies with legal requirements surrounding estate administration.