We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.
Civil

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

What is Probate Inventory?

Mary McMahon
By
Updated: May 16, 2024
Views: 17,373
Share

Probate inventory is a detailed listing of all items in an estate, prepared for the purpose of moving the estate through probate and addressing tax concerns associated with the estate. In some regions, the inventory must be filed in court with other probate documents, and it must also be made available to any interested parties. It is prepared by the executor or a representative, and may involve input from people like appraisers if their expertise is deemed necessary.

In the probate inventory, the executor lists the items in a person's estate and their estimated value at time of death. Items of like kind tend to be grouped together. Instead of listing all furniture or all kitchenware, for example, the executor would say “furniture” or “kitchen items” and provide an estimate of the value of everything together. For more expensive items like houses, cars, works of art, complex electronics, and so forth, individual detailed inventory listings would be provided.

In addition, the probate inventory provides information about liens and ownership, if known. If there are liens or encumbrances, they must be listed to provide a complete picture. The probate inventory may also note that some items appear to have been borrowed, and may not actually belong to the estate. Interested parties who have the title to items listed in the probate inventory can provide proof so their items will be returned as the estate is broken up and processed.

For many inventories, value is relatively easy to estimate and requires no special skills. The executor may make some phone calls to do basic research on the value of things like houses and cars. For specialty items like art and collectibles, however, an expert may be required. Executors are required to complete their duties accurately and fairly, and disputes over the value of an estate can become very heated, making it important to value items in the inventory accurately. These values may be used to determine how the estate is distributed and also to determine tax rates and probate fees.

The completed inventory can be used for accounting and tax purposes as the estate is wound up. It is also kept on record with other items pertaining to the will and estate for the purpose of future reference. People concerned about the estate can consult the probate inventory to learn more about what was in the estate and how it was valued, and if there are disputes in the future, the documentation can be used to support or refute arguments. Such documents are also useful from a historical perspective; historical archives often keep probate records for people interested in learning more about how previous generations lived and died.

Share
MyLawQuestions is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Mary McMahon
By Mary McMahon

Ever since she began contributing to the site several years ago, Mary has embraced the exciting challenge of being a MyLawQuestions researcher and writer. Mary has a liberal arts degree from Goddard College and spends her free time reading, cooking, and exploring the great outdoors.

Discussion Comments
Mary McMahon
Mary McMahon

Ever since she began contributing to the site several years ago, Mary has embraced the exciting challenge of being a...

Learn more
Share
https://www.mylawquestions.com/what-is-probate-inventory.htm
Copy this link
MyLawQuestions, in your inbox

Our latest articles, guides, and more, delivered daily.

MyLawQuestions, in your inbox

Our latest articles, guides, and more, delivered daily.