Why the Estate Inventory Matters
The estate inventory is a comprehensive list of everything the deceased owned at the time of death, along with the fair market value of each asset. This inventory serves several critical purposes:
- Court requirement: Most probate courts require the executor to file an inventory within a specific timeframe (typically 60 to 90 days after appointment)
- Tax reporting: Accurate valuations are needed for income tax returns, estate tax returns, and capital gains calculations
- Fair distribution: Beneficiaries need to know what the estate contains in order for assets to be distributed properly
- Creditor claims: The inventory helps determine whether the estate has sufficient assets to pay all debts
Taking the time to create a thorough inventory now saves significant time and potential legal issues later.
Real Estate
Real property is often the most valuable asset in an estate. Be sure to identify:
- Primary residence: The deceased's main home
- Vacation homes: Secondary residences or cabins
- Rental properties: Investment properties generating income
- Vacant land: Undeveloped parcels
- Commercial property: Office buildings, retail spaces, warehouses
- Timeshares: Fractional ownership interests in vacation properties
- Mineral rights: Oil, gas, or other mineral interests that may be separate from surface rights
Where to look: Property tax records, mortgage statements, homeowner's insurance policies, deed recordings at the county recorder's office.
Valuation: Real estate generally requires a professional appraisal as of the date of death. For tax purposes, the fair market value on the date of death becomes the new cost basis for the beneficiary.
Financial Accounts
Financial accounts can be scattered across multiple institutions. Check for:
Bank Accounts
- Checking accounts
- Savings accounts
- Certificates of deposit (CDs)
- Money market accounts
- Safe deposit boxes (and their contents)
Investment Accounts
- Brokerage accounts
- Mutual fund accounts
- Stocks and bonds held in certificate form
- Exchange-traded funds (ETFs)
- Treasury bonds and savings bonds
Retirement Accounts
- 401(k) and 403(b) accounts
- Traditional and Roth IRAs
- Pension plans (both current and former employers)
- Deferred compensation plans
- Government retirement benefits (military, federal, state)
Where to look: Bank statements, tax returns (look for interest and dividend income on 1099 forms), mail, email, online account aggregators, employer HR departments.
Important note: Retirement accounts and bank accounts with payable-on-death (POD) or transfer-on-death (TOD) designations pass directly to named beneficiaries and may not go through probate. However, they should still be documented in the inventory.
Insurance Policies
Insurance can be a significant source of estate value:
- Life insurance policies: Check with the deceased's employer, former employers, and independent insurance agents
- Annuities: Fixed, variable, and indexed annuities
- Long-term care insurance: May have remaining benefits
- Accidental death policies: Often included as riders on other policies
Where to look: Insurance company correspondence, bank account debits for premium payments, employer benefits statements, the National Association of Insurance Commissioners (NAIC) Life Insurance Policy Locator.
Vehicles and Transportation
- Cars, trucks, and SUVs
- Motorcycles
- Recreational vehicles (RVs)
- Boats and watercraft
- Trailers
- Aircraft
- All-terrain vehicles (ATVs)
Where to look: Vehicle titles, registration documents, loan statements, insurance policies, garage and storage facility records.
Business Interests
If the deceased owned or had an interest in any business, these assets need to be identified and valued:
- Sole proprietorships
- Partnership interests
- LLC membership interests
- Corporation shares (private companies)
- Franchise rights
- Professional practices (law, medicine, accounting)
Where to look: Tax returns (Schedule C, Schedule K-1), business bank accounts, operating agreements, partnership agreements, corporate minutes.
Valuation: Business interests typically require a professional business valuation, which can be one of the more expensive appraisals in the estate.
Personal Property
Do not overlook personal belongings, which can have significant value:
- Jewelry and watches
- Art and antiques
- Collectibles (coins, stamps, sports memorabilia, wine)
- Furniture and household items
- Electronics (computers, tablets, phones)
- Tools and equipment
- Firearms (which have special transfer requirements)
- Clothing and accessories (designer items may have value)
Where to look: The deceased's home, storage units, safe deposit boxes, insurance riders or floaters for high-value items.
Digital Assets
An increasingly important and often overlooked category:
- Cryptocurrency (Bitcoin, Ethereum, other tokens)
- Online business accounts (Amazon seller, Etsy, eBay stores)
- Domain names and websites
- Digital media libraries (iTunes, Kindle, Steam)
- Social media accounts (some have economic value)
- Email accounts (may contain information about other assets)
- Cloud storage (may contain important documents)
- Loyalty points and rewards (airline miles, credit card points, hotel points)
Where to look: The deceased's phone, computer, browser bookmarks and saved passwords, email accounts, password managers, cryptocurrency hardware wallets.
Money Owed to the Deceased
The estate may be owed money from various sources:
- Tax refunds (federal, state, local)
- Final paycheck and accrued vacation pay
- Outstanding loans made to others (personal loans, promissory notes)
- Security deposits (rental properties, utilities)
- Pending litigation settlements
- Unclaimed property (check your state's unclaimed property database)
Debts and Liabilities
While not assets, debts are part of the estate inventory and must be documented:
- Mortgages
- Auto loans
- Credit card balances
- Personal loans
- Student loans (federal student loans are discharged at death; private loans may not be)
- Medical bills
- Tax obligations (income taxes, property taxes)
- Utility bills
Tips for a Thorough Inventory
Check Tax Returns
The deceased's tax returns from the past three years are one of the best tools for discovering assets. Look for:
- Interest income (indicates bank or savings accounts)
- Dividend income (indicates investment accounts)
- Rental income (indicates rental properties)
- Capital gains (indicates sold investments)
- Schedule K-1 forms (indicates business or partnership interests)
- Deductions for mortgage interest or property taxes (indicates real estate)
Check Mail and Email
Monitor the deceased's mail and email for 3 to 6 months. Statements, bills, and correspondence will reveal accounts and assets you may not have known about.
Contact Former Employers
Reach out to the deceased's current and former employers to ask about:
- Pension benefits
- Deferred compensation
- Stock options or restricted stock
- Group life insurance
- Retirement accounts still held with the employer
Use Online Tools
Several free resources can help you find unclaimed assets:
- MissingMoney.com: National database of unclaimed property
- NAIC Policy Locator: For finding lost life insurance policies
- National Pension Benefit Guaranty Corporation: For locating pension benefits
How SwiftProbate Can Help
Building a comprehensive estate inventory is one of the most overwhelming parts of being an executor. SwiftProbate's guided onboarding helps you systematically identify assets across every category, including ones you might not think to look for. Once your assets are cataloged, we generate specific, actionable tasks for each one, so you know exactly what forms to file, which institutions to contact, and what deadlines to meet.
Start with our free asset discovery to see how SwiftProbate can bring clarity and structure to the estate inventory process.