What Is a Probate Inventory?
The executor must identify and value all estate assets. Here is what the probate inventory involves and why it matters.
Probate inventory: A probate inventory is a formal list of all assets in a deceased person's estate, including their appraised values. The executor is legally required to file this inventory with the court, typically within 60 to 90 days of appointment.
Cataloging the estate
A probate inventory is a comprehensive list of all assets owned by the deceased at the time of death, along with their appraised values. Most states require the executor to file this inventory with the probate court within a specific timeframe — usually 60 to 90 days after appointment. The inventory is a critical document that shapes the rest of the probate process.
What's included
The inventory covers all probate assets: real estate, bank accounts, investment and brokerage accounts, vehicles, business interests, personal property of significant value (jewelry, art, collectibles, antiques), money owed to the deceased, and any other assets titled in the deceased's name. Non-probate assets (jointly held property, accounts with beneficiary designations, trust assets) are typically not included because they pass outside of probate.
Valuation
Assets must be valued as of the date of death. Bank accounts are straightforward — the balance on the date of death. Real estate, businesses, and collectibles may require professional appraisals. Some states appoint an official probate appraiser or referee to value certain assets. Getting accurate valuations is important not only for equitable distribution but also for establishing the stepped-up tax basis for heirs.
Why it matters for heirs
The inventory determines the total estate value, which affects how much each beneficiary receives, what the executor and attorney fees are (in states with percentage-based fees), whether estate taxes are owed, and whether the estate has enough assets to pay all debts and still distribute to heirs. You have the right to review the inventory and object if you believe assets are missing or incorrectly valued.
Disclaimer: This page is for general informational purposes only and does not constitute legal, financial, or tax advice. No attorney-client relationship is formed by your use of this website or by any communication with First Heritage Funding or its employees. Although members of our team are licensed attorneys, First Heritage Funding is an inheritance advance company, not a law firm, and does not provide legal representation or legal services. Nothing on this website should be relied upon as a substitute for professional legal or financial counsel. Probate laws, timelines, and costs vary significantly by state and by individual circumstances. You should not act or refrain from acting based on information on this site without first consulting a qualified attorney or financial advisor in your jurisdiction.
Frequently Asked Questions
Yes. As a beneficiary or heir, you have the right to review the inventory filed with the court. Probate records are generally public, so in most states anyone can access them.
Concealing estate assets is a serious breach of fiduciary duty and potentially criminal. If you suspect the executor is hiding assets, consult a probate attorney. You can petition the court for a full accounting and the executor's removal.
Deadlines vary by state — typically 60 to 90 days after appointment. Some states allow extensions. If the executor misses the deadline, beneficiaries can petition the court to compel filing.
Key takeaway: The probate inventory determines the estate's total value, which affects attorney fees, executor compensation, and each heir's share. Heirs have the right to review it.
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