Table of Contents
- Key Takeaways
- Why the Probate Inventory Matters
- 1. Partial Inventory
- 2. Final Inventory
- 3. Supplemental Inventory
- 4. Corrected Inventory
- Related Resources
- FAQ
- How The Grossman Law Firm Can Help
Key Takeaways
- California probate requires the personal representative to file an Inventory and Appraisal of estate assets.
- There are four main types of inventories: partial, final, supplemental, and corrected.
- Filing errors or omissions can delay the probate process and the distribution of assets.
- An experienced probate attorney can help ensure the inventory is accurate and complete.
4 Types of Inventories Filed During a Probate Administration
Why the Probate Inventory Matters
One of the most essential duties of a personal representative in a California probate is preparing and filing an Inventory and Appraisal. This form lists all assets owned by the decedent at the time of death and assigns each item a value.
Filing a complete and accurate inventory is necessary to:
- Establish the estate’s total value
- Guide the payment of debts and expenses
- Help the court decide when to distribute the assets
- Avoid delays in closing the estate
At The Grossman Law Firm, we are here to guide personal representatives through each step of this process, preventing costly mistakes and streamlining administration.
1. Partial Inventory
A partial inventory is used when the personal representative is aware of some estate assets but does not yet have the complete picture or is awaiting appraised values.
Examples include:
- Real estate identified but not yet appraised
- Investment accounts discovered but not fully verified
- Physical property awaiting valuation
This type of inventory allows the court and interested parties to be aware that additional information will be filed at a later time.
2. Final Inventory
A final inventory is filed when all of the estate’s assets have been identified, valued, and included on a single Inventory and Appraisal form.
The inventory must include:
- Include all known estate property as of the decedent’s date of death
- Contain the court-appointed probate referee’s appraisals where required
- The personal representative must sign it under penalty of perjury
Filing a complete and accurate final inventory is a necessary step before petitioning the court to close the estate.
3. Supplemental Inventory
Sometimes, new assets are discovered after a final or partial inventory is submitted. When this happens, a supplemental inventory must be filed to account for these newly found assets.
Typical examples of supplemental filings include:
- Forgotten bank accounts or safe deposit boxes
- Retirement accounts not initially identified
- Royalties or insurance proceeds payable to the estate
The supplemental inventory ensures that all assets are reported adequately before the estate can be closed.
4. Corrected Inventory
If errors are discovered in a previously filed inventory, a corrected inventory must be filed. It ensures the court has the correct legal information and asset descriptions.
Common reasons for corrected inventories:
- A San Diego property listed with the wrong legal description
- A bank account listed with the incorrect account number
- Incorrect valuations need adjustment based on new information
Filing a corrected inventory protects the personal representative from potential liability and prevents delays in the distribution process.
Related Resources
For more information about preparing an accurate probate inventory, visit these resources from The Grossman Law Firm:
- What Is an Inventory and Accounting?
- The Inventory and Appraisal Form Explained
- How Do You Prepare a Schedule of Assets in California?
- Facts About Inventory Requirements
FAQ
Who files the inventory in a California probate case?
The personal representative (executor or administrator) is responsible for preparing and filing the Inventory and Appraisal form with the probate court.
What happens if I forget to list an asset on the inventory?
You can file a supplemental or corrected inventory to report the asset. However, failing to do so may delay probate or expose the representative to liability.
Do all estate assets require appraisal?
Yes, with some exceptions. Real estate, business interests, and other non-cash assets typically require valuation by a court-appointed probate referee.
Can I file more than one type of inventory?
Yes. It is common to file a partial inventory followed by a supplemental or corrected inventory before submitting the final version.
How The Grossman Law Firm Can Help
At The Grossman Law Firm, we assist personal representatives throughout California in navigating probate administration efficiently and accurately. Whether you need help preparing an inventory or correcting a previous filing, Attorney Scott Grossman and his team will guide you through the process and make sure you meet all your obligations accurately and on time.
Call (888) 443-6590 or fill out our Get Help Now form.
Our Intake Specialists can evaluate your case at no cost to you to assess your situation and determine the best course of action. Qualifying cases will be scheduled for a Free Phone Consultation with Attorney Scott Grossman.
