WHAT CAN I INCLUDE IN THE INVENTORY AND WHAT NOT?

Our firm has a client, Nicholas Claus. Nicholas' wife, Holly Claus, died on 05/15/2022. Our firm drafted Holly's Will. The Will is dated 12/26/2011. Holly named Nicholas as the personal representative in the Will and stated that no bond would be required. Nicholas has indicated that he will take the statutory personal representative's fee.Holly is survived by Nicholas and one adult child, Joy Claus. Joy lives at 222 Second Street, Milwaukee, WI 53211. Holly left everything to Nicholas, except for the jewelry which she left to Joy. Holly's birth date is 02/01/1950.

Nicholas and Holly have lived all of their lives in Wisconsin.Assume that all assets were acquired after 01/1986 unless otherwise indicated.

Holly died with the following assets:

Residence:2424 North Pole Street, Milwaukee, WI53333. Owned by Nicholas and Holly as joint tenants with right of survivorship. Value is $425,000, with no mortgage.

Up North Cabin: 372 West Dove Lane, Lake Tomahawk, WI 51111.Owned by Nicholas and Holly as tenants in common. Value is $97,000, with no mortgage.

Checking account: US Bank, Account #32165487, titled in Holly and Nicholas jointly, date of death balance is $17,230.

Savings account: US Bank, Account #784561123, titled in Holly and Nicholas, date of death balance is $47,827.

Checking account: US Bank, Account #12345678, titled in Holly's name alone, date of death balance is $12,000.

CD:US Bank, Account #87654321 titled in Holly's name alone (she inherited it), date of death balance is $140,000.

Automobile: 2015 BMW Z4 Convertible. Titled as Holly or Nicholas. Date of death value is $17,000.

Automobile: 2016 Dodge Caravan. Titled as Holly and Nicholas. Date of death value is $17,000.

Life Insurance Policy: $100,000, beneficiary: Nicholas.

CD:Bank Mutual, Account #567890, titled in Holly's name alone (she inherited it), POD: Joy, Date of Death Value: $50,000.

Personal Possessions (acquired by gift): Jewelry $40,000; Art Work $20,000.