Serving as an executor of an estate is confusing and risky if you don't have some help from someone who knows the ropes. The preparation of the federal estate tax return and the various state probate returns is often a more complicated process than the executor of an estate expects it to be. The main reason for the complications is the difficulty of determining the value of many types of assets. Valuing a business requires help from a qualified business appraiser. And it should be done as quickly as possible after the death of the business owner.
Art also requires specialized appraisers as does real estate.
For example, certain rights or powers under a trust may be treated as an asset of the deceased. In some cases, certain types of jointly owned property are part of the estate. Special exemptions are available for some assets such as a family farm or an ongoing business. The value of any gifts made before death need to be considered. Transfers of life insurance policies to an insurance trust within three years before the death of the insured may be included in the estate of the insured.