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Estate Inventory
An estate inventory is a detailed list of all the assets and liabilities owned by an individual at the time of their death. It is also commonly referred to as a probate inventory. This inventory is typically prepared by the executor or personal representative of the estate and is often required to be filed with the probate court as part of the probate process.
Key aspects of an estate inventory:
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Contents: It includes all assets such as real estate, bank accounts, investment accounts, business interests, retirement accounts, insurance policies, intellectual property, household items, personal effects, vehicles, and any debts or liabilities owed by the decedent.
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Purpose: The inventory provides a clear and comprehensive overview of the estate’s assets and debts. This transparency helps heirs, beneficiaries, creditors, and the court understand what the estate comprises. It also ensures that all assets and liabilities are accounted for before distribution or payment of debts.
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Valuation: Each asset and liability must be valued and described, including details like location, ownership status, and sometimes serial numbers or other identifying information. Accurate valuations are important for tax purposes and to maximize potential tax savings for the estate.
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Legal requirement: In many jurisdictions, such as California and Texas, the executor is legally required to submit this inventory to the probate court before the probate process can proceed. This helps the court oversee the proper administration of the estate.
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Exclusions: Certain assets, like those held in trusts, may not need to be included because they are managed separately from the probate estate until distributed.
In summary, an estate inventory is a foundational document in estate administration that lists and values all assets and liabilities of a deceased person to facilitate probate, ensure transparency, and protect the interests of all parties involved.