File inventory form with the probate court
Once all probate assets have been appraised and cataloged, complete and submit the official estate inventory forms in the probate court in the county and state where the deceased lived.
Typically, these forms must be filed and approved by the probate court before assets can be given to the heirs and beneficiaries of the deceased.
Good to Know
Instructions about when and how to submit a probate inventory form, as well as what assets and debts need to be listed on the forms, are determined by state law. This information may also appear on the form itself.
Helpful Tips
What is the probate inventory process?
It is important to create and maintain an inventory spreadsheet in addition to completing any inventory forms required by the probate court.
The Executor should keep a detailed inventory of all the deceased’s accounts and assets to:
- Help with the completion of the Probate Court Inventory form
- Ensure all assets are properly liquidated or given to appropriate Heirs and Beneficiaries
- Reduce the risk of conflict among Heirs and Beneficiaries (who might want to know what was done with specific assets)
- Keep records which show the Executor properly handled all assets (such as selling them or giving them to the appropriate Beneficiary)
- Keep record of asset values for tax purposes
Many assets, such as real estate, vehicles, and business property may need to be appraised by a professional to ascertain their fair market value.
Good to Know
Collecting assets and information about assets (such as their value) can be a lengthy process. As a result, the inventory process can take months to complete.
Once the executor has gathered the information needed to complete the probate court’s inventory form, it should be submitted to the probate court.
Normally, this is done by mailing the form to the probate court, however the executor should review the rules and procedures of the local probate court to determine how the form should be submitted.
The probate court may also require additional documentation, such as appraisal documents showing the value of certain assets.
Important
It is wise for the executor to involve the deceased’s heirs and beneficiaries with the inventory process, especially the appraisal process.
Heirs and beneficiaries can help the executor determine which assets the deceased had and where they are located.
They may also request copies of any inventory forms or appraisal documents that show the value of certain assets.
Including the deceased’s heirs and beneficiaries in the inventory process could reduce the risk of disputes amongst heirs and demonstrate that the executor is performing their role properly.
Providers to Contact
Probate Attorneys Near You
Probate attorneys help settle a deceased person’s estate. They can help gather the information needed for the probate process and ensure the estate files all necessary paperwork.
