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YES, all assets must be accounted for. The Executor of the estate should sit down with an attorney and seek guidance on how to handle this. Better to pay for a consult than face government wrath for making a mistake.
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Couple of things I've found so far:
If you got the letter for intent from MERP, there should have been a brief series of questions regarding the status of the estate. Within it will be a?'s on bank account balance, value of estate, value of house or other real property.

For banking that's easy, just the statement mo. after death balance. House can be tax assessor value from that year. If this figure is not accurate as to value then you need to get an appraisal (done by registered& licensed appraiser).
Contents value are more subjective. You might want to google probate courts / judges websites in your state to see how a court wants this done some have a sample page to show how this judge wants to see the paperwork & within a few pages as possible. Then you use this as your guide for reporting whether to MERP or probate court.

If its a house with old nothing special stuff, it's what it could sell at garage sale most likely and there could be just a few hundred $ of value.....sadly. If there are real items of value, those need an appraisal as to value. Appliances after a certain amount of time in age have no value & some if really old cannot be sold as not compliant (like old refrigerators, old window units).

BigBro - are you doing probate?
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