One of an executor's first and most important duties is to take stock of everything the person who died owned and owed. Done carefully, an estate inventory protects you, keeps the heirs informed, and satisfies the probate court. Done sloppily, it can stall the estate for months.
An estate inventory is a formal, dated list of all the deceased's assets and debts, with a value assigned to each as of the date of death. The probate court uses it to confirm the estate is being handled honestly, creditors use it to understand what they can claim against, and beneficiaries rely on it to see their inheritance is accounted for. This guide walks through what to include, how to value each category, and how to stay organized. This is general information, not legal, tax, or financial advice; consult a qualified attorney or accountant in your state.
Why the inventory matters
As executor (sometimes called a personal representative), you have a fiduciary duty to account for every asset. The inventory is your baseline. It establishes what came into the estate so that, later, you can show the court exactly where everything went. It also helps you spot assets you might otherwise miss, and it sets the date-of-death values that drive estate tax and the step-up in basis heirs will use when they sell. If you are still learning the role, start with what an executor does and the broader settling an estate checklist.
What to include in the inventory
Aim to capture everything, then sort it. A practical way to organize is by asset type.
Real estate
- The primary home, plus any vacation homes, rental properties, land, and a share of co-owned property.
- Record the full legal description and address, how title is held, and any mortgage balance.
- Timeshares count too, even when they have little or negative value.
Financial accounts
- Checking, savings, money market, and certificates of deposit.
- Brokerage and investment accounts, stocks, bonds, and mutual funds.
- Retirement accounts: IRAs, 401(k)s, and pensions. Note which have a named beneficiary, because those usually pass outside probate.
- Savings bonds, which are easy to overlook in a drawer or safe deposit box.
Vehicles and tangible personal property
- Cars, trucks, motorcycles, boats, RVs, and trailers, with VIN and title information.
- Furniture, appliances, tools, and household goods.
- Higher-value items: jewelry, art, antiques, firearms, coin and stamp collections, and musical instruments.
Business interests
- Sole proprietorships, partnership shares, LLC membership interests, and closely held corporate stock.
- These often need a professional business valuation and can be the most complex item to settle.
Digital assets
- Cryptocurrency wallets, online brokerage and payment balances, domain names, and monetized channels.
- Loyalty points and airline miles, where transferable.
- Our digital assets inventory guide helps you find and document these.
Debts and liabilities
- Mortgages, car loans, credit cards, medical bills, personal loans, and unpaid taxes.
- Listing debts gives the court and heirs the estate's true net value and helps you handle creditor claims in order.
How to value the assets
Every asset is valued as of the date of death, not the day you do the work. Some estates may instead elect an alternate valuation date six months later for federal estate tax purposes; an accountant can advise whether that helps. The method depends on the asset type.
| Asset type | How to value it | Source |
|---|---|---|
| Bank accounts, CDs | Balance on date of death | Date-of-death statement from the bank |
| Stocks, mutual funds | Closing price on date of death | Brokerage statement or market data |
| Real estate | Fair market value | Licensed real estate appraiser |
| Vehicles | Fair market value | Kelley Blue Book, NADA guides |
| Jewelry, art, antiques | Appraised value | Certified personal property appraiser |
| Business interest | Appraised value | Business valuation specialist |
For most financial accounts, call or write each institution and request a date-of-death valuation letter. Provide a certified death certificate and your letters testamentary, and they will send the official balance. For real estate and unique items, hire a licensed appraiser and keep the written report. Get appraisals when the estate may owe estate tax, when heirs disagree on worth, or when an asset will be sold, so your numbers hold up to scrutiny.
A step-by-step approach
- Gather the paper trail. Collect bank statements, tax returns, deeds, titles, insurance policies, and recent mail. Tax returns are especially useful for spotting accounts that generate interest or dividends.
- Open the safe deposit box. Take a witness, and document the contents.
- Set up a tracking system. A spreadsheet with columns for asset, account number, how title is held, date-of-death value, and source of valuation works well.
- Request date-of-death values from each institution in writing.
- Order appraisals for real estate, valuables, and business interests.
- List the debts and supporting documents.
- Complete the court's inventory form and file it by the deadline.
Probate vs. non-probate assets
Not everything you find goes through probate. Assets with a named beneficiary or a survivor, such as life insurance, retirement accounts, payable-on-death bank accounts, and property held in joint tenancy, usually pass directly and skip the probate inventory, though your state's form may ask you to list them separately. Assets titled in the deceased's name alone, with no beneficiary, are the probate assets the court is most focused on. Our probate vs. non-probate assets guide explains the difference in detail.
Tips for being thorough
- Forward the mail. Statements, dividend checks, and renewal notices reveal accounts you did not know about.
- Check for unclaimed property on your state treasurer's site and the deceased's name.
- Photograph valuables and keep receipts and appraisals together.
- Do not distribute anything early. Wait until debts and taxes are settled and the court approves.
- Keep meticulous records. Your inventory becomes the foundation of the final accounting you owe the beneficiaries and the court.
Take it one category at a time. A careful, well-documented estate inventory is the single best thing you can do to keep probate moving smoothly and to protect yourself as executor.