In the context of Settling an Estate, an inventory is a comprehensive list of deceased person's Assets and Debts.
An inventory is a crucial document during Probate, the court supervised process of settling a deceased person's Estate, when debts are paid, and assets are distributed to Inheritors.
An Executor or Administrator is responsible for creating the inventory and submitting it to Probate Court for review before they can distribute assets to Next of Kin, other Surviving Family, Heirs or Beneficiaries.
An inventory includes all of the deceased person's property, such as real estate, vehicles, bank accounts, investments, personal belongings, and valuables, as well as any debts or obligations owed at the time of their death.
The purpose of an inventory is to provide an accurate and complete picture of the deceased person's estate. This ensures that all debts will be paid, and remaining assets 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.