An inventory form is legal document provided by a state or county Probate Court that helps an Executor or Administrator create a comprehensive list of a deceased person's Debts and Assets.
It 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.
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.
Inventory forms must be submitted to probate court for review before the estate can legally distribute assets to Next of Kin, other Surviving Family, Heirs or Beneficiaries.
The purpose of an inventory form 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.