An estate inventory is not just a list for the court. It is the map that tells an executor what exists, what transfers automatically, what may need probate, and what bills or taxes must be handled before heirs receive property.
Start with a full list of assets, debts, accounts, documents, and known beneficiaries. Then separate probate assets from assets that transfer outside probate.
- Do not distribute assets until debts, taxes, and ownership are clear.
- Use date-of-death values where the court or tax preparer needs them.
- Keep copies of every statement, appraisal, bill, and receipt.
Start With Documents
Documents tell you what assets exist and who has authority to act. Gather originals where possible and keep a scan or photo backup.
- Death certificates
- Will, codicils, trust documents, and amendments
- Letters Testamentary or Letters of Administration, if already issued
- Recent tax returns
- Bank, investment, retirement, and loan statements
- Insurance policies
- Real estate deeds, mortgage statements, leases, and property tax bills
- Vehicle titles and registrations
- Business ownership records
- Funeral, medical, and final bills
List Every Asset
For each asset, write down the institution or location, account number if available, owner name, beneficiary or co-owner, estimated value, and whether it appears to pass through probate.
Financial assets
- Checking and savings accounts
- Certificates of deposit
- Brokerage accounts
- Stocks, bonds, and mutual funds
- Cash in the home or safe deposit box
- Refunds, final paychecks, or checks payable to the estate
Retirement and insurance
- IRA, Roth IRA, 401(k), 403(b), pension, and annuity accounts
- Life insurance policies
- Employer death benefits
- Health savings accounts
Property and personal items
- Homes, land, rental property, and timeshares
- Vehicles, boats, RVs, and trailers
- Jewelry, art, collectibles, firearms, and valuable equipment
- Household contents that may need distribution or sale
- Digital assets, domain names, crypto, and online stores
List Debts and Expenses
Debts matter because an executor generally must pay valid obligations before distributing estate assets. If the estate may not have enough money, do not choose which creditors to pay without legal advice.
- Mortgage and home equity loans
- Vehicle loans
- Credit cards and personal loans
- Medical bills
- Funeral expenses
- Taxes owed before death
- Property taxes, utilities, insurance, and maintenance costs
- Attorney, court, appraisal, and accounting fees
Record Values Carefully
Many estate inventories use the value on the date of death. Bank and brokerage statements can often show this clearly. Real estate, business interests, vehicles, jewelry, and collectibles may need an appraisal or outside valuation.
Do not guess at values just to move quickly. The inventory may affect probate filings, tax basis, beneficiary accounting, and disputes among heirs.
What to Do After the Inventory
- Separate probate and non-probate assets. Beneficiary accounts, jointly owned assets, trust assets, and TOD/POD assets often transfer outside probate.
- Check whether a small estate shortcut applies. If probate assets are under the state threshold, a simplified process may work.
- Hold back money for expenses. Keep enough for debts, taxes, court costs, property expenses, and professional fees.
- Share clear updates with beneficiaries. A simple inventory summary can reduce confusion and suspicion.
- Ask for help before selling major assets. Real estate, business interests, and contested property deserve extra care.
Inventory requirements vary by probate court. This checklist is general guidance for organizing estate information before court forms, tax returns, or distributions.