Estate Inventory (noun): The Executor will make a list of everything that the deceased owned at their death. This list will be used throughout the entire estate settlement process. The inventory will list any Last Will and Testament, Codicil, Trust and any other legal documents. This inventory lists any property the deceased owned, list any income including Social Security Benefits, and any debts the decedent owes. The Inventory will also define probate assets, assets with automatic inheritance rights, and trust assets. The Inventory will also give the location of the tax returns and other documents.
Words commonly used with this term include:
- Will
- Trust
- Codicil
- Probate
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