Connecticut Probate Inventory Requirements: How to Complete Form PC-440

The estate inventory is one of the first substantive tasks an executor faces after being formally appointed by the Connecticut Probate Court — and it drives several of the most consequential numbers in the entire administration: the probate fee calculation, the estate tax filing, and the basis for any asset distributions.

Getting the inventory right from the start prevents problems that are very difficult to fix later.

What the Inventory Is and Why It Matters

Form PC-440 is Connecticut's standardized probate inventory form. It is a comprehensive schedule of all assets owned solely by the decedent at the date of death, with each asset's fair market value as of that date.

The inventory matters for three reasons:

Probate fee calculation. Connecticut's mandatory probate fee under C.G.S. § 45a-107 is assessed on the greatest of: the probate inventory, the Connecticut taxable estate, or the gross estate for estate tax purposes. If the inventory understates asset values, the court may recalculate the fee. If it overstates — particularly by including out-of-state property that should be excluded — the estate overpays.

Estate tax filing. Form CT-706 NT (the estate tax return for nontaxable estates, due within six months of death) uses the same asset values documented in the inventory. The two documents must be consistent.

Beneficiary and creditor transparency. The inventory is a court record accessible to beneficiaries and creditors. An inaccurate or incomplete inventory can raise questions about fiduciary conduct.

The Two-Month Filing Deadline

The inventory must be filed with the Probate Court within two months of the date of the fiduciary's appointment. This is a strict deadline — not a target or a guideline.

If you need more time because assets are difficult to value (a closely held business, a complex investment portfolio, real estate in a declining market), you can request an extension from the Probate Court. Do this before the two-month deadline, not after.

File the PC-440 through TurboCourt using your Individual account. The original supporting appraisal documents may need to be submitted as attachments depending on your district's requirements.

What Goes on the Inventory

The inventory captures solely owned assets — property that was held in the decedent's name alone, without a co-owner or named beneficiary that would cause the asset to pass outside of probate.

Real property: Any real estate owned solely in Connecticut must be included at its fair market value as of the date of death. A professional appraisal is typically required. The assessed tax value from the town assessor is not an acceptable substitute for fair market value.

Bank and financial accounts: Checking accounts, savings accounts, certificates of deposit, and money market accounts held in the decedent's sole name. Use the account balance as of the date of death.

Investment and brokerage accounts: Individually owned stocks, bonds, mutual funds, and other securities. Use the date-of-death market value.

Business interests: Ownership stakes in closely held corporations, LLCs, or partnerships are some of the most difficult assets to value. A professional business valuation is almost always necessary to produce a defensible number.

Vehicles: Use fair market value (book value from a service like Kelley Blue Book, or a dealer appraisal) as of the date of death.

Personal property: Household furnishings, jewelry, artwork, collectibles, tools, and equipment. For estates where valuable personal property exists, a personal property appraiser may be needed.

Notes and accounts receivable: Money owed to the decedent — outstanding loans, unpaid invoices, promissory notes.

What Does Not Go on the Inventory

Not all assets owned or held by the decedent belong on the PC-440:

Jointly owned property with right of survivorship passes automatically to the surviving co-owner at death and does not pass through probate. It does not belong on the probate inventory — though it may be included in the estate tax calculation for fee purposes.

Accounts with named beneficiaries (retirement accounts like IRAs and 401(k)s, life insurance policies, payable-on-death bank accounts, transfer-on-death investment accounts) pass directly to beneficiaries and do not pass through the probate estate.

Trust property: Assets held in a properly funded revocable living trust are administered by the trustee outside of probate.

Out-of-state property: Real estate and tangible personal property physically located outside of Connecticut is excluded from the Connecticut probate fee calculation. This is a critical exclusion — document out-of-state property separately and make sure it is properly carved out when calculating the fee basis. Many executors miss this and overpay.

When to Hire a Professional Appraiser

Connecticut courts expect inventory values to be defensible. For common assets like bank accounts and publicly traded securities, the date-of-death value is straightforward. For assets where value is disputed or uncertain, a professional appraisal protects both the estate and the executor:

• Real estate: A licensed Connecticut real estate appraiser produces a credible, IRS-acceptable valuation.
• Closely held businesses: A certified business valuator provides the methodology courts and the DRS will accept.
• Jewelry, art, collectibles: A certified personal property appraiser documents fair market value for items that beneficiaries and the court may scrutinize.

Appraisal fees are an administrative expense of the estate — they come out before distributions to beneficiaries. They are well worth paying when the alternative is a dispute over undocumented values.

The Probate Fee Calculation Starts Here

Once the inventory is filed, the Probate Court uses it — along with the CT-706 NT — to calculate the mandatory probate fee invoice. Here is the statutory fee schedule under C.G.S. § 45a-107:

Two adjustments apply: the value of any property passing to a surviving spouse is reduced by 50% before applying the schedule, and out-of-state real and tangible personal property is excluded from the calculation entirely.

The court invoices the fee after reviewing the CT-706 NT. Payment is due within 30 days of the invoice — missing this triggers the 0.5% per month interest penalty.

The Connecticut Probate Process Guide includes a step-by-step explanation of Form PC-440, a checklist for categorizing assets correctly, and a probate fee calculator that applies the spousal reduction and out-of-state exclusion so you know what the court will invoice before the invoice arrives. Getting the inventory right is one of the highest-leverage things you can do in the first two months of administration.

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