The Administrator/Executor must give notice to the estate’s creditors and inventory the estate’s property. A creditor who wishes to make a claim on the estate’s assets must do so within a certain period of time; in California, creditors have four months to make claims.
An inventory of assets should include real property, stocks, bonds, life insurance policies, valuable collections and possessions and ownership or interest in businesses. The sum total will identify the overall value of the estate. When necessary, an appraiser is hired by the estate to appraise items such as collections– art, jewelry, stamps, coins, etc.