An estate inventory form for probate is a sworn list of every asset the decedent owned individually at death, with each item’s fair market value on that date, filed with the probate court by the personal representative. In states following the Uniform Probate Code framework, you generally have three months from your appointment to file it. The inventory sets the baseline value of the estate for creditor claims, taxes, and distributions, so accuracy protects both the estate and you personally as fiduciary.
What Belongs on the Inventory
The inventory covers probate property: assets the decedent owned individually with no built-in transfer mechanism. Think in four categories.
- Real estate owned solely or as a tenant in common. Include the street address, legal description from the deed, and any co-owner’s name.
- Financial accounts the decedent held individually: checking, savings, CDs, brokerage accounts, stocks, bonds, and mutual funds. Record the institution, account type, and date-of-death balance.
- Tangible personal property: vehicles (year, make, model, VIN), jewelry, artwork, furniture, electronics, tools, and collectibles. High-value items get their own line; ordinary household goods can be grouped.
- Debts owed to the decedent: outstanding personal loans, unpaid wages, tax refunds due, and similar receivables, with debtor name and amount.
Every item is valued at fair market value on the date of death, meaning the price a willing buyer and seller would agree on, each reasonably informed and neither under pressure. Not what the decedent paid. Not what you hope to get.
What to Leave Off
Assets that pass directly to a surviving owner or named beneficiary bypass probate and do not belong on the inventory:
- Property held in joint tenancy with right of survivorship passes to the surviving owner automatically.
- Life insurance, IRAs, 401(k)s, and pensions with a named beneficiary go to that beneficiary. The exception: if the decedent named the “estate” as beneficiary, those proceeds become probate property.
- Payable-on-death bank accounts and transfer-on-death brokerage accounts pass outside probate.
- Assets already titled in a living trust belong to the trust, not the estate.
Listing non-probate assets inflates the reported estate value and muddles what the court actually has jurisdiction over. When you aren’t sure whether an account carries a beneficiary designation, call the institution and ask.
Documentation to Gather First
Pull the paperwork before you write a single value on the form. Courts expect figures to match underlying records, and any beneficiary can challenge a number that looks unsupported.
Request date-of-death statements from each bank and brokerage. For publicly traded securities, use the mean between the high and low trading prices on the date of death, or the nearest trading day if markets were closed. Real estate usually requires either a recent appraisal or a comparative market analysis. Vehicles can be valued from widely recognized pricing guides. Jewelry, artwork, antiques, and collectibles often need a formal appraisal from a qualified professional; note the appraiser’s name, address, and credentials on the inventory or attach their report.
Some jurisdictions handle valuation differently. In California, a court-appointed probate referee values all non-cash assets, including stocks, real property, vehicles, and business interests, while the personal representative values only cash and cash-equivalents.
One trap worth flagging: many courts prohibit putting account numbers on the inventory itself because the filing becomes public record. Michigan’s inventory form, PC 577, instructs filers to keep account numbers on a separate confidential document. Read your form’s instructions before writing anything that identifies an account to anyone who requests a copy from the clerk.
Finding the Right Form
Go to your local probate court’s website or the clerk’s office. Most jurisdictions publish a standardized form: California uses Inventory and Appraisal form DE-160, Michigan uses PC 577, and other states have their own equivalents. Using the official form prevents rejection over formatting.
Check the revision date in the footer. An outdated version can get your filing bounced. If you downloaded the form months ago, confirm no newer version has replaced it. Court self-help centers and law libraries can verify you have the current form and point you to the instructions.
Filling In the Form
Most inventory forms are divided into real property and personal property sections. Work through each section in order.
Real Property
For each parcel, enter the legal description from the deed (not just the street address), the name of any co-owner, and the fair market value as of the date of death. If a mortgage or home equity line secures the property, note the nature and amount of the lien. Many jurisdictions let you reduce the gross value by the lien to show net equity, but the inventory value of a parcel cannot go below zero.
Personal Property
Personal property follows a different lien rule. List each item at its full gross value on the date of death. If an item secures a loan, such as a car loan, note the lien separately but do not subtract it from the gross value. The lien is handled elsewhere as an estate debt.
Give each significant item its own line: vehicles, individual bank accounts, stocks and bonds, jewelry, artwork, and anything else of real value. Ordinary household furnishings and clothing can be grouped with a single estimated total unless an individual piece is unusually valuable.
Ownership Capacity
For every asset, state how the decedent held it: sole owner, tenant in common, or some other capacity. This directly affects how much of the asset’s value belongs to the estate. A 50% tenant-in-common interest puts only half the parcel’s value on the inventory.
Supplemental Pages
When you run out of space on the main form, use the court’s approved attachment format. California requires Inventory and Appraisal Attachment DE-161. Other courts use Schedule A, Schedule B, or similar labels. Each attachment should identify the case name and number, be numbered sequentially, and cross-reference the main form so a reviewer can follow the full list.
Signing and Filing
Most states require the personal representative to sign under oath or verification, meaning a sworn statement that the contents are true and complete to the best of your knowledge. In practice, you often sign before a notary or the clerk of court. Florida requires a “verified” inventory; North Carolina requires it to be made “under oath.” The signature block on your form will tell you what is needed.
Filing is usually done by delivering physical copies to the clerk, though some courts now accept electronic filing through a portal. Fees vary widely. Some courts charge nothing for the inventory filing itself, folding it into the initial petition fee; others assess an inventory fee tied to estate value that can run from a few dollars to several hundred. Check the court’s fee schedule or ask the clerk before filing.
Once the court processes the filing, you should get a file-stamped copy back. Keep a digital backup. If any beneficiary or creditor objects to a valuation, the court can set a hearing and may order an independent appraisal at the estate’s expense.
Filing Deadline and Amended Inventories
In Uniform Probate Code states, the personal representative generally has three months from appointment to file. Some states allow longer; Virginia gives four months. A missed deadline does not void the inventory, but it can trigger court inquiries, removal proceedings, or a presumption that missing property was mishandled.
If you discover additional assets after filing, or find that a reported value was wrong, you must file an amended or supplementary inventory. Most states set a deadline running from the date of discovery. Virginia, for example, gives another four months. The amended inventory uses the same format and filing process as the original.
After You File
Interested persons, meaning heirs, named beneficiaries, and sometimes creditors, are generally entitled to see the inventory. Where the inventory is filed with the court, it becomes a public record. In states that allow the personal representative to mail the inventory to interested persons rather than file it, you must send copies to everyone who requests one. Being open with beneficiaries reduces the risk of later disputes and surcharge actions against you.
Beneficiaries and creditors can challenge valuations. In many states, an interested person has a set window after filing to submit written objections. The court then holds a hearing and may order a new appraisal. A professional appraiser’s report or a court-appointed referee’s valuation strengthens your position; if you estimated values yourself, be ready to explain your method.
Tax Consequences of the Values You Report
Inventory values matter beyond the probate court. For estates whose gross value exceeds the federal estate tax filing threshold ($15,000,000 for decedents dying in 2026), the executor must file IRS Form 706, which demands a detailed accounting of every asset and its date-of-death value. The inventory and Form 706 should carry consistent valuations. A mismatch between what you tell the probate court and what you tell the IRS invites scrutiny from both.
When a federal estate tax return is required, the executor must also file IRS Form 8971 and give each beneficiary a Schedule A. Form 8971 reports the final estate tax value of distributed property to the IRS; the Schedule A tells each beneficiary the tax basis to use when they later sell the inherited asset. Under the basis consistency rule, the beneficiary cannot claim a value different from what the estate reported.
Even for estates below the federal threshold, inventory values set the stepped-up basis that beneficiaries use for income tax purposes when they sell inherited property. Undervaluing an asset to simplify probate creates a lower basis that costs the beneficiary more in capital gains tax later. Overvaluing invites unnecessary scrutiny. The goal is accuracy, not strategy.