Settle Asset

Show Table of Contents

Within the estate settlement process, you will eventually have to settle each asset in some way: distribution, sale, transfer (to another asset), or disposal.

Simple Sale

Sometimes you will sell an estate asset so you can pay estate debts, or simply to convert an unwanted item into more easily distributed cash. To record that you have sold an asset:

  1. Select the Assets tab, and click the "Sold" cell for the given asset.
  2. Enter the date of the sale (note that you cannot enter a date of sale earlier than the date the asset entered the estate).
  3. Enter the amount received.
  4. Press "OK".

EstateExec will automatically create a cash transaction in the Cashflow tab that reflects the addition of the proceeds into the overall estate account. For that matter, you could just record the sales in the Cashflow tab, and it would automatically be reflected in the Assets tab.

Asset Disposal

Sometimes an asset turns out to be basically worthless, no heir wants it, and you need to dispose of it. In such cases you can either simply delete the asset (it's not really an asset if it's worthless), or to follow best practices and have a record of what you did, you can:

  1. Select the Assets tab.
  2. Select the row of the desired asset by clicking its row checkmark in the far left.
  3. Using the buttons along the top of the table, select "Settle..." and choose "Discard".
  4. In the Name field, enter the name of any disposal service you used.
  5. In the Amount field, enter any fees you had to pay the disposal service.
  6. Enter the date of the disposal.
  7. Press OK.

If the asset was a loan from the estate, and you are basically writing it off, you may want to file a Form 1099-C with the IRS. Be careful about writing off loans to heirs: see Heir Debts for preferred approaches.


To record the transfer of value from one asset to another (perhaps you are consolidating accounts, or funding the estate account), simply select the desired source asset in the Asset tab and click the Settle | Transfer button at the top of the table.


See Manage Distributions for instructions on recording asset distributions.

Tip: You can directly access a desired settlement dialog by clicking the asset's corresponding cell (e.g., Distributed) on the Assets Tab.

See also Managing Assets.

Copyright © 2014-24 EstateExec