It is a comprehensive and organized compilation of all the items making up the deceased's Estate, which includes both tangible assets (such as real estate, personal property, vehicles) and intangible assets (such as bank accounts, investments, intellectual property).
The purpose of an inventory is to provide an accurate and complete picture of the deceased person's estate to ensure that all debts will be paid, and remaining assets are properly distributed. It can also be used to determine the total value of the estate for tax purposes, determine if the estate is Insolvent, or identify assets that may be sold to settle any outstanding debts.
To do this, an Executor or Administrator is responsible for submitting an Inventory Form to Probate Court for review. Once approved, assets can be distributed to Heirs, Surviving Family members, or other Beneficiaries.
An inventory typically includes the following information for each asset or item:
Description: A description or detailed information about the asset, including its type, quantity, and any relevant details.
Location: The location where the asset is physically located or the institution where it is held (e.g., bank name, account number for financial assets).
Ownership Details: Information regarding the ownership of the asset, especially if it is Jointly Owned or has designated beneficiaries.
Liabilities: Any debts or liabilities associated with the asset, such as mortgages, loans, or outstanding bills.