Probate Glossary
Inventory
A record of estate assets and values.
Definition
An inventory identifies and values estate assets so the court, beneficiaries, and creditors understand the scope of the estate.
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Frequently Asked Questions
What is an estate inventory?
An estate inventory is a list of estate assets and values. It helps the court, Personal Representative, beneficiaries, and creditors understand what property belongs to the estate.
Why is estate accounting important?
Accurate accounting helps document estate transactions, support court filings, answer beneficiary questions, and create a clear record of fiduciary activity.
What is a small estate process?
A small estate process is a simplified probate or transfer procedure available in some states when the estate value is below a certain threshold and other requirements are met.
What assets go through probate?
Assets may go through probate when they are owned solely by the deceased person and do not transfer automatically through beneficiary designations, trusts, joint ownership, or other non-probate transfer methods.
What happens after probate is opened?
After probate is opened, the Personal Representative may need to notify interested parties, gather assets, create an inventory, handle creditors, track accounting, file required reports, and eventually distribute remaining assets.