What is included in an estate inventory?
An estate inventory is a detailed list of the person’s possessions and their value at the time of death. You identify each item, note how it’s owned, and estimate its value. Then you use that list to move property through probate and to keep everyone on the same page.
As California estate accountants, we help families build these lists on a weekly basis. Below is a simple, step-by-step guide in plain English. We’ll also tell you where people go wrong and how to fix it.
What does “inventory” mean in probate?
In probate, inventory means three things done in order:
- Make a list of everything the person owned.
- Write how each item is owned (sole name, joint, community property, beneficiary-designated, or in a trust).
- Estimate fair market value as of the date of death. Add it up for a total.
List all property, identify the type (real vs. personal), note ownership, and estimate value at death.
If your probate is in California, you’ll usually file a form called Inventory and Appraisal (DE-160). Some items are valued by the personal representative (you), and a court-appointed Probate Referee values most other assets. The form explains who values what.
If you skip ownership details, you can waste weeks chasing accounts that actually pass outside of probate (such as a joint account with right of survivorship). The courts expect you to check how each asset is titled before you list it.
What’s included in an estate inventory?
Start broad, then get specific. Work your way through the estate by category, and list each item that actually belongs in the probate estate.
1. Cash and bank money.
Checking, savings, money market, and CDs. Use the date-of-death balances from the most recent statements. These “cash-type” items are usually valued by the personal representative.
2. Investments held in taxable accounts.
Brokerage accounts with stocks, bonds, mutual funds, or ETFs. List the account and show the market value as of the date of death.
3. Retirement plans that are part of the estate.
IRAs or workplace plans (401(k), 403(b), 457) only if they’re payable to the estate. If they’re payable to a person or a trust, they generally pass outside probate and don’t go into the estate’s total.
4. Life insurance that pays to the estate.
List the policy proceeds only when the beneficiary is the estate. Policies that pay a named person or a trust usually aren’t part of the probate total.
5. Real estate.
Homes, land, and rentals. Include the property description and list the date-of-death value. In California, the Probate Referee typically assigns the official value for real property.
6. Business interests.
Membership units in an LLC, shares of a closely held corporation, or partnership interests. Be prepared to provide operating agreements or recent financial statements so the Probate Referee can review them.
7. Vehicles and titled personal property.
Cars, boats, motorcycles, and similar items. These are listed individually and appraised to the date of death.
8. Personal property.
Jewelry, art, collections, firearms, and other valuables should be itemized. Everyday household goods can be grouped with one reasonable total—no need to list every spoon.
9. Intangibles and receivables.
Items such as notes owed to the decedent, royalties, or intellectual property (including patents, trademarks, and copyrights). List each item and its date-of-death value.
A quick but important note about “what’s in” vs. “what’s out.”
Some property gets listed for appraisal only (for example, certain joint-tenancy assets) and its value is excluded from the estate’s total on the DE-160 Inventory and Appraisal. Additionally, assets with a living beneficiary (such as a pay-on-death account or insurance that names a person) typically pass outside of probate and aren’t included in the total. The DE-160 instructions explain these carve-outs.
If you follow this “by-category” path—from cash, to investments, to real property, to personal items—you’ll cover the full estate in a way the court expects and the Probate Referee can appraise without delays. The California Courts self-help guide walks through the same steps: list everything, note how it’s owned, and record the fair-market value as of the date of death.
Do debts go in the “inventory”?
This part causes confusion. Here’s the plain answer:
- In California, the filed Inventory and Appraisal (DE-160) focuses on assets and their values. You do not deduct mortgages or other debts from those values on the form. Joint-tenancy items listed “for appraisal only” are kept separate and excluded from the total.
- You still track debts for administration (claims, payoffs, tax filings). Some guides in other states show an “assets and liabilities” list, but that is not how California’s DE-160 is totaled. If you were about to subtract the mortgage from the house value on DE-160, that’s the wrong approach here.
If you need to show loans attached to an asset (such as a car loan), Smith Mariob suggests noting what’s owed in your working list; however, the inventory total remains the gross value on the DE-160 filing.
How does an executor find assets to list?
Here’s a simple asset-hunt that works:
- Papers and files. Deeds, car titles, bank and brokerage statements, retirement and insurance documents.
- Recent tax returns and 1099s. These point to banks, brokers, pensions, and annuities.
- County recorder search. Confirms real estate ownership and vesting.
- Unclaimed property. Check the California State Controller’s site for dormant accounts and old safe-deposit contents. Heirs can claim these.
- Employer and benefits portals. 401(k) plans, pensions, stock plans, and HSAs.
- Life insurance locator or policy files. Verify beneficiary designations and whether any proceeds are payable to the estate.
If you’re in California and unsure about a valuation, the Probate Referee can guide you on what documentation to attach. There’s a public directory and a practical “how-to” guide with examples.
How detailed does an estate inventory need to be?
Be thorough without drowning in detail:
- List each account and each parcel of real estate.
- Group low-value household items by category (furniture, kitchen items) with a reasonable total.
- Itemize high-value personal property (art, jewelry, collectibles) one by one.
- Explain ownership (sole, joint, community, trust) in a short note.
- Use the date-of-death value. If you only own a share, state the share’s value.
Courts and lawyers look first for a recognizable structure. California’s summary format runs: beginning balances → receipts → disbursements → gains/losses → assets on hand, with principal vs. income kept separate during accountings. When your inventory is tied to that structure, reviews proceed more efficiently, and questions are reduced.
How do you prepare an estate inventory (step by step)?
Use this simple checklist. It works for most California probates.
1) Build your working list.
Start with the self-help steps: create a list, identify the property type, confirm ownership, and estimate the value. Flag household items that can be grouped.
2) Gather proof.
Download statements, deeds, titles, and recent tax forms. If you can’t find an account but suspect one exists, check unclaimed property.
3) Assign who appraises what.
On DE-160, you (the personal representative) typically list and value cash-like assets. The Probate Referee assigns values to most other items (real estate, business interests, vehicles, collectibles). The form’s instructions spell this out.
4) Prepare attachments correctly.
Use the approved attachment format (DE-161). If you list joint-tenancy items for appraisal only, exclude their values from the total on the DE-160.
5) Check the story.
Does the list match tax forms and titles? Did you note ownership and value for each item? Fix gaps now. Courts expect a clean submission.
6) File the inventory on time.
Your court may set specific timing; many counties expect a prompt filing after appointment. Using the standard form and a Probate Referee helps prevent re-work.
7) Keep your working file.
Even after filing DE-160, keep support ready. The values on the inventory can affect fees and later accountings, so you’ll want documentation handy.
Suppose you’re planning to subtract the mortgage from the house value on DE-160, don’t. California totals are gross. Track debts elsewhere in administration. That keeps you aligned with the form and avoids court pushback.
Common mistakes (and quick fixes)
- Listing everything as “household goods.” Courts allow grouping, but high-value items must be separate. Walk the home with a pad and tag the big-ticket pieces.
- Ignoring how the asset is owned. You need to know if it’s sole, joint, community, or trust property, or if it has a named beneficiary. This determines whether it should be included in probate at all.
- Using replacement cost or sentimental value. Use fair market value at death—what a willing buyer would pay.
- Forgetting “hidden” assets. Old safe-deposit boxes, rebates, dividend checks, or dormant accounts often show up at the State Controller’s Unclaimed Property site. Check it.
- Mixing debts into the DE-160 total. Track debts, but do not net them against asset values on the inventory form.
Need help getting the inventory right?
- Inventory & Appraisal, done right. We organize assets and values into a court-ready package, along with the supporting schedules required by the process.
- Numbers that tell the story. Clean, reconciled schedules that line up with statements and are easy to follow in court.
- Court-friendly accountings. Principal vs. income separated, transactions traced, and explanations in plain English.
If you need a second set of eyes or require the entire inventory to be prepared, we’ll do it the right way and let you know if anything’s off. That’s our job.
Let’s make the numbers easy to understand.
Call 909-825-6600 or visit our Court & Trust Accounting Services page to get started.
Frequently asked questions about what is included in an estate inventory.
What is the purpose of the estate inventory?
Three things:
- Tell the court and heirs what exists and what it’s worth.
- Decide the best transfer path (some assets may avoid formal probate).
- Set the baseline for later accountings, fees, and distributions. California’s guide describes the inventory as the first step in determining how to transfer property. Values also influence statutory fees at closing.
How detailed does an estate inventory need to be?
Be specific on titled assets and high-value items. Group ordinary household goods. Always note ownership and your date-of-death value. The court’s guide shows when to itemize vs. summarize.
How do you prepare an estate inventory?
Follow the state’s steps: list, identify property type, confirm ownership, estimate value, and use the DE-160 with a Probate Referee for most non-cash assets. Attach DE-161 schedules. Exclude joint-tenancy “for appraisal only” values from the total.
When the court wants more than a list
During administration, the judge or beneficiaries may ask for a formal accounting that follows a standard schedule (beginning balance, receipts, disbursements, gains/losses, assets on hand; principal vs. income). That is separate from the DE-160 inventory, but it relies on the same accurate values. If a trustee or executor refuses to account, beneficiaries can ask the court to compel them to do so; many disputes settle once a proper report is presented.
Quick starter template (what to gather)
- Deeds, titles, stock certificates, and operating agreements
- Month-of-death bank, brokerage, and retirement statements
- Life insurance details (and whether proceeds are payable to the estate)
- Last two years of tax returns and 1099s
- Appraisals or comps for valuables and real estate
- A short note for each item: what it is, how it’s owned, value at death