This means compiling a list of real estate, personal property, bank accounts and debts as line items with a detailed description of each item and its fair market value.
1. Contact the court to obtain the name and title of the required probate inventory form.
- Have a copy mailed to you, pick it up at the court, or download a copy from the court’s website.
- Forms vary by state.
2. Read the form instructions and review the sections of the form.
3. List all real property assets, including both in-state and out-of-state properties.
- Obtain copies of the deeds.
- Provide a description for the real estate, with its physical address.
- List the market value of the property, based on the most recent assessment by the tax assessor. An appraisal may be needed.
4. List all personal property assets.
- Create subcategories of personal property, such as expensive jewelry and recreational vehicles.
- List items with a complete description and fair market value.
5. List all bank accounts.
- Include the name of the bank, bank account number, all names listed on the account and actual cash value.
- List outstanding checks separately, under debt.
6. List any retirement accounts, 401K or IRAs.
- Include the names of beneficiaries.
- Obtain divorce settlement documents to see if any funds must be paid to former spouses.
7. List all other debts.
- Examples: credit card debts, past-due medical bills, unpaid invoices and personal loans, funeral.
- Include outstanding checks in this section.
8. List all non-probate assets on a separate reference sheet.
- These will be distributed according to prior contractual agreements.
- Include living trusts, life insurance policies with named beneficiaries and investment accounts that transferred on death
9. Ascertain appraisal value of all cash and non-cash probate assets. Non-cash items may require professional appraisals.
11. File the completed probate inventory form with the state probate court, within the legal time limit. Include:
- Cash assets appraised by the estate representative
- Non-cash assets to be appraised by a court-appointed representative, if necessary
