The form is used when when creating an Appraised Inventory of 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).
An inventory form is an essential document used during an Estate Administration because it provides a clear overview of the deceased's financial situation and facilitates a number of administrative tasks.
The form helps to identify the total value of the estate for tax purposes, determine if the estate is Insolvent, and ensures that the deceased's debts will be paid and any remaining assets Distributed to Heirs, Surviving Family members, and other Beneficiaries.
An inventory form is usually prepared by an Executor or Administrator in consultation with an Estate Attorney, Probate Attorney, or Certified Public Accountant to ensure it's accurate, compliant with state Probate laws, and follows any wishes written in the deceased's Last Will and Testament.
Items typically found in an inventory form include:
Identification Information: This section includes details about the deceased person, such as their full legal name, date of birth, date of death, Social Security Number, and other identifying information.
Real Property: Information about any real estate owned by the deceased, including addresses, property type (e.g., residence, land), estimated value, any mortgages or Liens, and ownership details.
Personal Property: A list of personal belongings, such as furniture, jewelry, electronics, and other valuables. This section often includes descriptions, estimated values, and any specific instructions or wishes regarding distribution.
Financial Accounts: Details of all financial accounts, including bank accounts, investment accounts, retirement accounts, and any other financial assets. Information may include the name of the institution, account numbers, account types, and estimated values.
Insurance Policies: Information on Life Insurance policies, health insurance, property insurance, and any other insurance policies owned by the deceased. This can include policy numbers, coverage details, and beneficiaries.
Business Interests: If the deceased had ownership or interests in any businesses or partnerships, this section outlines the details, such as the name of the business, ownership percentage, and estimated value of the interests.
Debts and Liabilities: Information regarding any outstanding debts, loans, mortgages, credit card balances, or other liabilities of the deceased. This section includes details of the creditor, amount owed, and payment status.
Other Assets and Investments: Any additional assets, investments, royalties, or intellectual property rights that the deceased owned. This could encompass patents, copyrights, trademarks, or other valuable assets.
Miscellaneous Information: A section for any additional relevant information or special instructions related to specific assets or liabilities.