How Do You Compile an Inventory of Assets for Probate Purposes?


Quick Answer

To compile an inventory of assets for probate purposes, obtain a copy of the probate inventory form; list the real property and personal property assets; and provide bank accounts, debts and nonprobate assets, according to Legal Zoom. Filing a duly filled form with the state probate court completes this process.

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Full Answer

Start by contacting the court for the name and title of the probate inventory form, as Legal Zoom explains. Acquire a copy of the form through email, either by downloading it from the website of the court or by picking it up from the court. Once you acquire the form, read all the instructions on it before attempting to fill it out.

Next, list all in-state and out-of-state property, and describe the real estate, including its physical address and fair market value depending on the latest tax assessor's evaluations, according to Legal Zoom. If necessary, include any appraisals, and follow up this up by naming all your personal assets, including vehicles and valuable jewelry. Include the description and the fair market value of each asset, and for a better compilation, divide the assets into sub-categories.

Provide bank account numbers with the name of the bank names, the actual cash balance of each account and the names that feature in every account, as Legal Zoom advises. Add all the debts, including credit card debts and any unpaid medical bills and loans. Then, provide a list of nonprobate assets on a different paper.

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