The California Probate “Inventory and Appraisal Form”

In previous articles, we clarified what the Schedule of Assets was for. Briefly, the Schedule of Assets is a tool that the personal representative uses to list all of the decedent’s assets, mentioning precisely their identification, value, type, and share of ownership. In a separate column, the representative also points out whether each property is subject to probate or not. At this stage, everything that is not yet known is left blank because the document is an internal work tool and does not have to be used in court.

However, no later than four months after letters have been issued, the personal representative must file the inventory of the probate assets with the California probate court, and he or she will do this using the Inventory and Appraisal Form.

The probate assets are described on this form much in the same way as on the Schedule of Assets. Yet, the representative will remove any doubts by completing the asset description:

• If the decedent owned only a part of some property, the description should include a statement like “one-half interest in promissory note…” or “one-quarter interest in real property located at….” This will give the probate referee a clear indication as to the values allocated to the decedent’s estate.
• Only property subject to California probate should be listed, and only those that were owned at the time of death.
• The description of real property needs to be legal and very detailed. The representative will include the assessor’s parcel number, which is marked on the property tax bill.
• If a mortgage loan is secured by real property, the representative will mention a recording reference. If it is not recorded, he or she should consult an attorney.
• The type of ownership, if community, quasi-community, or separate property of the decedent. Community property that passes to the surviving spouse or partner does not have to be probated, and should be listed only if the surviving spouse or partner so wishes, or if the decedent’s one-half interest is destined in the will to someone other than the surviving partner or spouse.

All the probated assets are listed on separate attachments, which are stapled to the form’s first page. The first attachment lists property with a known monetary value, established by the personal representative. The representative lists on the second attachment the assets which the probate referee will appraise.

Talk to San Diego estate planning and probate attorney Scott Grossman about your situation and the questions you have. Call our lawyers at (951) 683-3704 or (866) 840-0000 for your FREE 30-minute telephone consultation. Order our FREE legal book The Insider’s Guide to California Probate and Trust Administration.

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