A complete estate inventory requires documenting every asset the deceased owned — organized into categories including real estate, financial accounts, investments, insurance policies, personal property, digital assets, and debts — along with current values, account numbers, and beneficiary designations. This worksheet walks you through each category with specific examples so you capture everything the probate court and beneficiaries need.

The estate inventory is one of the executor's most important early deliverables. It determines estate tax obligations, guides debt payment priority, establishes what beneficiaries will receive, and serves as the foundation for your final accounting to the court.

Disclaimer: This is general educational information, not legal advice. Inventory requirements vary by jurisdiction. Consult an estate attorney for guidance specific to your state or province.

What Is an Estate Inventory and Why Does It Matter?

The estate inventory is a formal document listing every asset and liability of the deceased, with fair market values as of the date of death. Most probate courts require executors to file this within 60-90 days of receiving letters testamentary.

The inventory serves multiple critical purposes:

• Legal compliance. Probate courts require it. Filing late or incomplete can result in penalties or removal as executor.

• Tax calculation. Federal and state estate taxes are based on total value.

• Debt prioritization. You cannot determine which debts the estate can afford until you know the total asset picture.

• Beneficiary transparency. Beneficiaries have a legal right to know what the estate contains.

• Executor protection. A thorough inventory protects you from accusations of mismanagement.

Upload your will for free AI analysis — our AI identifies every asset class referenced in the will.

How Do You Inventory Real Estate?

Real property is often the most valuable asset and requires formal appraisal. Document each property with:

• Property address and legal description

• Type: Primary residence, vacation home, rental, vacant land, commercial

• Ownership structure: Sole ownership, joint tenancy with right of survivorship, tenancy in common, community property, held in trust

• Fair market value as of date of death (professional appraisal required)

• Outstanding mortgage balance, lender, account number

• Property tax amount and payment status

• Insurance carrier and policy number

• Rental income if applicable

• HOA or condo fees

Ownership structure matters enormously. Joint tenancy with right of survivorship passes directly to the surviving owner outside probate. Tenancy in common is part of the probate estate.

Real Estate Worksheet

How Do You Track Bank Accounts and Cash?

Contact every bank and credit union. Check last 2-3 years of tax returns for Form 1099-INT to reveal accounts you might not know about.

For each account: institution, account type, account number, date-of-death balance, named beneficiaries (POD — Payable on Death), joint holders, safe deposit box at this institution.

POD designations override the will. If a bank account has a Payable on Death beneficiary, that money goes directly to the named person regardless of what the will says.

Cash and Equivalents to Look For

• Physical cash (home, safe, wallet)

• Uncashed checks

• Stored value cards and prepaid debit cards

• Cryptocurrency on exchanges (Coinbase, Kraken)

• PayPal, Venmo, payment platform balances

• Foreign currency or foreign bank accounts

Upload your will — understand which accounts the will directs to specific beneficiaries versus the residual estate.

How Do You Handle Investment and Retirement Accounts?

Taxable Investment Accounts

Document brokerage accounts, individual stocks, bonds, mutual funds, ETFs, REITs, limited partnerships, and business interests. For each: institution, account number, date-of-death value, named beneficiaries (TOD — Transfer on Death), and cost basis.

Retirement Accounts

Named beneficiaries receive these directly — they don't pass through probate unless the estate is named beneficiary.

• 401(k) / 403(b) — employer, plan administrator, balance, beneficiary

• Traditional IRA / Roth IRA — custodian, account number, balance, beneficiary

• SEP-IRA or SIMPLE IRA — for self-employed individuals

• Pension plans — employer, plan type, monthly benefit, survivor benefit election

• Deferred compensation — employer, balance, payout terms

• Government retirement — military pension, federal/state employee retirement

Critical: The beneficiary designation on file controls who receives these assets — not the will. If the deceased divorced and remarried but never updated their 401(k) beneficiary, the ex-spouse may legally be entitled to the funds.

Investment Account Worksheet

What Insurance Policies Need to Be Documented?

Life Insurance

For each policy: company, policy number, type (term/whole/universal/variable), face value, named beneficiary (primary and contingent), cash value at death (permanent policies), outstanding loans, employer-sponsored group life.

Other Insurance

• Annuities — issuer, account number, value, beneficiary, payout terms

• Long-term care — may have remaining benefits

• Disability — may owe final payments

• Homeowner's / auto / umbrella — maintain until estate is closed

How Do You Find Policies You Don't Know About?

• Check bank statements for premium payment debits

• Review tax returns for Form 1099-R

• Search deceased's email for insurance correspondence

• Check employer benefits enrollment documents

• Search the NAIC Life Insurance Policy Locator (free at locator.naic.org)

• Contact the deceased's financial advisor

What About Personal Property?

Items Requiring Professional Appraisal

Jewelry, art, collectibles (coins, stamps, sports memorabilia, wine), antiques, firearms (require legal compliance for transfer), musical instruments.

Vehicles and Recreational Equipment

Cars, trucks, motorcycles (Kelley Blue Book), boats, RVs, ATVs, snowmobiles, aircraft (requires FAA notification).

Household Contents

Most estates don't require item-by-item inventory of ordinary goods. A lump-sum estimate is typically acceptable. However, if the will makes specific bequests ("my dining room set to my daughter"), document those items specifically.

Upload your will — our AI flags every specific bequest so you know which items need to be identified and delivered.

How Do You Handle Digital Assets?

Financially Valuable Digital Assets

• Cryptocurrency — exchanges, wallet addresses, access credentials, hardware wallets (Ledger, Trezor) need physical access and PIN

• Online business accounts — Shopify, Amazon seller, Etsy, domains, revenue-generating websites

• Royalty accounts — music, books, photography, stock media platforms

• Reward points and miles — transferability varies by program

Access and Administrative Accounts

• Email accounts — often the key to discovering other assets

• Social media — memorialization or deletion per family wishes

• Cloud storage — may contain important documents

• Password managers — the single most valuable digital asset for executors

• Subscription services — cancel to stop ongoing charges

How to Access Digital Assets

If the deceased used a password manager, finding the master password unlocks everything. Check for written password lists (surprisingly common), password manager apps on phone/computer, browser saved passwords, and inactive account policies (Google, Apple, Facebook all have legacy contact features).

See our Executor Checklist: First 30 Days for the complete day-by-day process.

How Do You Catalog Debts and Liabilities?

Document: mortgages, HELOCs, auto loans, student loans (federal discharged at death; private depends on lender/cosigner), credit cards, personal loans, medical bills, tax obligations, legal judgments, business debts.

Debt Prioritization

States have statutory priority rules. General order (varies by jurisdiction):

1. Secured debts (mortgage, auto loans)

2. Administrative expenses (executor fees, attorney fees, court costs)

3. Funeral expenses

4. Federal tax obligations

5. Medical expenses of the last illness

6. State tax obligations

7. All other debts

Never pay debts out of order. Paying a lower-priority creditor first can expose you to personal liability.

Debt Inventory Worksheet

What Are the Five Most Common Inventory Mistakes?

1. Forgetting beneficiary-designated assets. Life insurance, retirement accounts, and POD/TOD accounts pass outside probate. Track them separately — they matter for estate tax even though they're not part of probate.

2. Using informal valuations. The IRS and courts require fair market value as of date of death. Get professional appraisals for real estate, valuable property, and business interests.

3. Missing digital assets. Cryptocurrency, online business revenue, and digital accounts are regularly omitted. Check email, browser history, and financial statements.

4. Not pulling a credit report. This reveals debts the family didn't know about. You're authorized to request it with a death certificate.

5. Treating the inventory as one-time. It's a living document. Update as you discover new assets, receive appraisals, and resolve ownership questions.

How Does EstateClarity Help With Estate Inventories?

EstateClarity's AI reads the will and identifies every asset category referenced, specific bequests, residual estate provisions, trust provisions, and executor powers — so you know what to look for before you start searching.

Upload your will for free AI analysis at estate-clarity.com/upload

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