In my 15 years practicing trusts and estates, I've been involved with over 100 probate administrations. Filing an inventory is a crucial step in the probate process.
Timing Requirements
The inventory must be filed within 60 days after the personal representative is appointed. If you need more time, you must request additional time from the court—it's not automatically granted.
What Is an Inventory?
An inventory is a list of all assets and their values owned by the probate estate as of the decedent's date of death.
Required Information for Each Asset
- Description of the asset (real property, personal property, bank/investment account)
- Value as of date of death
Determining Asset Values
Bank Statements
Usually readily available from statements.
Investment Accounts
May require contacting financial institutions for exact date-of-death values, especially if death occurred mid-statement period.
Unique Assets
Real property, artwork, jewelry may require professional appraisals since each is unique in nature.
Amended Inventories
If you later discover the initial inventory was incomplete or inaccurate, you can file an amended inventory with the court. List all accurate information from the initial inventory while correcting inaccuracies or adding newly discovered assets.
Service Requirements
Both initial and amended inventories must be served on certain people (unless they've waived their right to receive copies):
- Surviving spouse
- Intestate heirs (if no will)
- Residuary beneficiaries (if there is a will)
Residuary beneficiaries are those who receive the "residue"—everything left over after specific distributions (like "$10,000 to my niece") have been made.
If you have questions about a situation you're going through, please reach out to our probate team.