Probate inventory
A probate inventory is a record of property included in a probate estate, with descriptions and values tied to the decedent's death. For owners of businesses, real estate and private investments, it can identify and value those assets when they are part of the probate estate. The inventory gives the personal representative a baseline for estate property.
How it works
A probate inventory records estate property and its estimated fair market value at the decedent's death. Florida requires an inventory with reasonable detail unless one was already filed. Under Maine law, a personal representative generally prepares and files or mails a reasonably detailed inventory within 3 months after appointment. Maine inventories include date-of-death fair market values and encumbrances.
Later accountings may reflect values different from sale amounts. Florida requires an amended or supplementary inventory when the personal representative learns that property was omitted or that a description or value is erroneous or misleading.
Where it shows up for owners of businesses, real estate and private investments
A probate inventory can include an owner's business interests, real estate or investments when those assets are probate property.
Date-of-death values can help document the tax basis of property acquired at death.
Points that are easy to confuse
A probate inventory does not necessarily list every asset associated with the decedent.
Florida and Maine inventory rules refer to values at the decedent's death. A sale amount can differ from an inventory value, as later accountings may reflect.
Common questions
Does a probate inventory include every asset owned by a person who died?
A probate inventory covers probate property, so it may exclude assets transferred outside probate.
When is property valued for a probate inventory?
Florida requires estimated fair market values at the decedent's death, and Maine inventory rules include date-of-death fair market values and encumbrances. Later accountings may reflect values that differ from sale amounts.