When navigating the probate process, one critical responsibility of the personal representative (or executor) is to manage and report the assets of the estate.
Let’s break down what an inventory is and what you need to know about filing it.
What is a Probate Inventory?
A probate inventory is a comprehensive list of all the assets within a deceased person’s estate that are under your control as the personal representative.
This list includes:
- Assets: All properties, accounts, and valuables that belong to the estate.
- Values: The estimated worth of each asset at the time the probate estate is opened.
This inventory must be filed with the court within 60 days of opening the probate estate.
Why is an Inventory Important?
The inventory serves several purposes:
- Transparency: It provides a clear record of what the estate consists of and ensures that all assets are accounted for.
- Court Review: The court uses the inventory to oversee the estate’s management and distribution.
- Beneficiary Information: It helps beneficiaries understand what they might expect to inherit.
When Can You Delay or Skip Filing an Inventory?
There are a few scenarios where you might not be required to file a detailed inventory:
- Waiver in the Will: If the decedent’s last will and testament includes a waiver of the inventory requirement and the will is admitted to probate, you may not need to file an inventory.
- Beneficiaries’ Waiver: If all beneficiaries or heirs agree to waive the inventory requirement, this may also exempt you from filing it.
Challenges in Filing an Inventory
Sometimes, it might be difficult to provide a comprehensive inventory within 60 days due to various reasons, such as:
- Unlocated Assets: Some assets might not be easily accessible or accounted for within the given timeframe.
- Complex Estates: Estates with numerous or complex assets might require more time to fully assess.
In such cases, you should still file a partial inventory with the court, detailing all the assets you currently know about, and update it as more information becomes available.
