Estate Asset Inventory Template: What to List and How to Value It

The probate court wants an inventory of assets that belong in the probate estate — and that can mean more than real estate, bank accounts, and investments. A car, furniture, tools, and other personal property may also need to be listed and valued.

Building this inventory is one of the most time-consuming parts of estate administration. The average executor spends 570 hours over 16 months settling an estate, and a significant chunk of that time goes to tracking down, categorizing, and valuing assets. A structured template turns that process from overwhelming to methodical.

What the Court Expects

The general administration timeline places the inventory and appraisal in months 3 to 6 after death, but the actual filing deadline comes from the probate court for your case. The filing must include:

• Every asset that belongs in the probate estate, including any partial ownership interests, at the date of death
• The fair market value of each asset as of the date of death — not what they paid for it, not what it might sell for later
• A description clear enough for the court to identify the asset

Assets that pass outside probate — life insurance payable to a named beneficiary, jointly held bank accounts, payable-on-death accounts — generally don't go in the court inventory. Track them separately and check whether tax or other reporting rules apply.

Building the Inventory: Category by Category

Real Estate

For each property, record:

• Address and legal description (from the deed)
• Type of ownership (sole, joint tenancy, tenancy in common)
• Date-of-death fair market value — a licensed appraiser's opinion is the standard, though some courts accept a comparative market analysis from a real estate agent for residential property
• Mortgage balance and lender
• Any liens or encumbrances

If the deceased owned property in multiple states or countries, you may need ancillary probate in each jurisdiction. The value of foreign real estate is governed by the law of the property's location (the situs rule), not the deceased's home state.

Bank and Financial Accounts

Gather the most recent statements for every account:

• Checking and savings accounts (record the balance on the date of death)
• Certificates of deposit
• Brokerage accounts (stocks, bonds, mutual funds — value each holding at the closing price on the date of death)
• Retirement accounts (IRAs, 401(k)s, pensions) — note that these often have named beneficiaries and may not pass through probate, but they affect estate tax calculations

Contact each institution to request the date-of-death balance and ask what documents it needs. Account access and handling depend on ownership and local law.

Vehicles and Watercraft

For each vehicle, boat, or recreational vehicle:

• Year, make, model, and VIN
• Fair market value — Kelley Blue Book or NADA Guides are commonly accepted for standard vehicles. Antique or collector vehicles need a professional appraisal.
• Title status and any outstanding loans

Personal Property

This is where the inventory gets tedious. Personal property includes:

• Household furniture and appliances — ask whether your local court's inventory instructions allow ordinary household goods to be grouped in a lump-sum estimate, and whether any items must be listed separately.
• Jewelry and watches — get high-value pieces appraised by a certified gemologist or jewelry appraiser
• Art, antiques, and collectibles — professional appraisal required for anything of significant value
• Electronics — current resale value, not what was originally paid
• Firearms — document serial numbers and have them appraised if they have collector value. Secure firearms immediately and check state laws about transfer requirements.
• Tools and equipment — lump-sum estimate for ordinary tools; individual listing for professional or specialty equipment

Business Interests

If the deceased owned a business or held partnership interests:

• Name and type of entity
• Percentage of ownership
• Date-of-death value — this almost always requires a formal business valuation from a CPA or business appraiser
• Any buy-sell agreements that dictate what happens to the interest

Digital Assets

An increasingly important category:

• Cryptocurrency holdings (document wallet addresses and exchange accounts)
• Domain names and websites with commercial value
• Intellectual property (royalties, patents, copyrights)
• Loyalty points and airline miles (some programs allow transfer; others don't)
• Online storefronts or digital product revenue

Debts and Liabilities

While not "assets," the court inventory typically includes a liabilities section:

• Mortgages and home equity lines
• Credit card balances
• Personal loans
• Medical bills
• Taxes owed (income, property, estate)
• Outstanding utility bills

This gives the court — and the beneficiaries — a complete picture of the estate's net value.

Valuation Date Matters

For a probate inventory, assets are generally valued as of the date of death. Not the date you filed probate, not the date you finally got around to the appraisal — the date of death. For publicly traded securities, this is straightforward: use the closing price on that date (or the average of the high and low if there was no closing price). For real estate and personal property, the appraiser should state that their opinion reflects the value as of the date of death.

In the US, an estate filing Form 706 can elect alternate valuation under section 2032 only if it reduces both the gross estate's value and the estate and generation-skipping transfer taxes payable (after allowable credits). Property distributed or sold within six months is valued on that date; other property is valued six months after death. This federal estate-tax election does not change the probate inventory.

Organizing the Template

A practical inventory template has columns for:

1. Item description — specific enough to identify the asset
2. Category — real estate, financial, vehicle, personal property, digital, business
3. Account/ID number — account numbers, VINs, serial numbers, parcel IDs
4. Date-of-death value — supported by documentation
5. Valuation source — bank statement, appraisal, KBB, market data
6. Probate/non-probate — whether the asset passes through the estate or directly to a beneficiary
7. Notes — liens, beneficiary designations, joint ownership details

The How to Read and Execute a Will toolkit includes a printable asset inventory worksheet with these columns pre-formatted, plus a creditor claim tracker and statutory deadline log to keep the rest of the administration organized.