It might be worth noting that if the testator requested it and the estate was solvent the inventory would not be appraised. >From: Paul Drake <[log in to unmask]> >Reply-To: Paul Drake <[log in to unmask]> >To: [log in to unmask] >Subject: Fw: [VAROOTS] Fw: Inventories >Date: Sun, 11 Sep 2005 12:47:10 -0500 > > >From Joe Drake of S'hampton Co, VA, and of interest to all >***.... Question: What was the purpose of the estate inventories when >someone died. Did they have estate or death taxes in the 1700 and 1800's? >Educate me if you would be so kind. > Thank-you >Joe >*** >Hi, Joe. In answering your question, it will be helpful to speak of the >whole matter of intestate proceedings. The overriding purpose of such >activity is to once and for all resolve all debts owing by and those >payable >to the dead person, to learn of everything he/she owned at the moment of >death and of the value of those assets, to determine who of the survivors >is >to have what share of those assets, and then to conclude and close forever >the worldly affairs of that deceased. > >For about 800 years the power to determine who and in what percentage the >assets of a person who died intestate are to be divided among those who >survived has come to rest in the court. Before then, it was largely up to >the >family. The legislatures have over the same period established the order >of >priority among the survivors in intestate deaths. Those statutes are >loosely >known as "Statutes Of Descent and Distribution". Land "descends" and >personal property (including intangibles) is "distributed", thus the name >given to those statutes. > >In addition to the taxes that from time to time and in varying amounts have >been levied on estate property, both real and personal, it is the division >of those assets that has been and is most significant to the family. > >The inventory is ordered by the court to be done by reputable/honest people >who quite usually must also be deemed acceptable by the family. Those folks >are to list EVERY asset, in order that sometime long after the settlement >of >the last affairs of the dead person no one can spring up out of the bushes >and say that the inventory was not complete. > >Across those centuries, those appointed appraisers - usually three - take >the inventory by visiting the premises (almost always), and then after >swearing to the truth of their findings and lists, they file that summary >with the court as part of the permanent estate file. It is from that list >of >sums of money and all other funds deducted from the estate as expenses, >paid as debts, or derived from the sale of any or all those >assets that the court ultimately divides the total value between the heirs. > >When someone family member wants some particular piece of personal property >or asset, the court will usually approve that IF - IF - no other heir >objects. The value of that item to be taken "in kind" by an heir, as shown >in the inventory entry of that piece, is then deducted from the total sum >to >which that heir otherwise would have received. It is this process that has >caused myriad fights among families where one of the heirs enters the house >and carries off what he/she want before the appraisers come by. > >An estate ends with a final order by the court stating what he did with the >totality of the assets. That document is usually known as an "order of >distribution", a "final account", or a "final settlement", depending >largely upon the >local practice. > >Hope this answers your questions. > >Paul > > >============================== >Find your ancestors in the Birth, Marriage and Death Records. >New content added every business day. Learn more: >http://www.ancestry.com/s13964/rd.ashx > > >-- >No virus found in this incoming message. >Checked by AVG Anti-Virus. >Version: 7.0.344 / Virus Database: 267.10.21/96 - Release Date: 9/10/2005 > > >To subscribe, change options, or unsubscribe please see the instructions at >http://listlva.lib.va.us/archives/va-roots.html _________________________________________________________________ Express yourself instantly with MSN Messenger! Download today - it's FREE! http://messenger.msn.click-url.com/go/onm00200471ave/direct/01/ To subscribe, change options, or unsubscribe please see the instructions at http://listlva.lib.va.us/archives/va-roots.html