4 Types of Inventories Filed During a Probate Administration
During a probate, the personal representative must complete many important tasks. One thing is the preparation and filing of an inventory. The inventory is the listing of all of the estate’s assets as of the date that the decedent passed away. If you are a personal representative of an estate, an attorney can guide you through preparation of the inventory.
An Overview of the Types of Inventories in a Probate Administration
Depending on the type of information that you file, the court may deem your inventory partial, final, supplemental, or corrected. The following is an overview of these categories:
- When you are not yet certain of the true extent of all of the assets of the decedent or if you know about assets but do not yet have the appraised value, you can file a partial inventory.
- Inventories that include all of the estate’s assets on one Inventory and Appraisal form can be labeled as “final.”
- Filing a supplemental inventory to list the new assets happens if new estate assets are found after filing the inventory.
- If you filed a final or partial inventory and later discover that some or all of the information was incorrect, a corrected inventory is filed to provide the proper information about the estate assets. An example is where San Diego real estate listed on the inventory but the wrong legal description described the property. Another example is where the inventory lists wrong account number for a bank account belonging to the estate.
Why is it so important for an estate’s inventory to contain all of the correct information? Missing, incomplete, or incorrect can delay the ability to obtain the final approval from the court to close the estate and distribute the assets to the beneficiaries and heirs. To learn more about completing the Schedule of Assets on an inventory, review our article, “How Do You Prepare a Schedule of Assets in California.”
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