How to Inventory an Estate

Why the Inventory Comes Before Everything Else

An estate inventory is the foundation every other decision rests on — dividing property, filing tax returns, satisfying probate court requirements, and selling the home. Skipping it or doing it carelessly creates problems that compound: heirs argue over items nobody documented, the executor cannot prove what existed, and the court may reject the probate filing.

Inventory filing requirements and deadlines vary by jurisdiction. Even in states that allow informal probate or small estate procedures, confirm the probate court's specific requirements; a thorough inventory protects the executor from personal liability if an heir later claims something was lost, stolen, or undervalued.

Secure the Property First

Before inventorying anything, secure the home. Change the locks, confirm the homeowners insurance is active (or transition to a vacant-home policy if no one is living there), and take a walkthrough video on your phone before moving or touching any items. That initial video becomes your baseline — if anything goes missing later, you have timestamped documentation of what was there.

Tell all family members that nothing leaves the house until the inventory is complete and the executor has authorized distribution. This is not about distrust — it is about protecting the executor from claims that items disappeared on their watch.

The Three-Category Framework

An estate inventory covers three distinct asset categories, and each requires a different approach:

Real Property

Document all real estate the deceased owned, including the primary residence, vacation homes, rental properties, and undeveloped land. For each property, record:

• Street address and legal description (from the deed)
• Current fair market value (a formal appraisal or comparative market analysis from a real estate agent)
• Any outstanding mortgages, liens, or home equity lines of credit
• Property tax assessment value and current tax status

Financial Assets

Gather statements for every financial account: bank accounts, brokerage accounts, retirement accounts (401k, IRA), life insurance policies, annuities, and any outstanding loans owed to the deceased. Also check for savings bonds, stock certificates, and any digital assets (cryptocurrency wallets, PayPal balances, online business accounts).

Tangible Personal Property

This is where the bulk of the work happens — the physical contents of the home. Furniture, jewelry, artwork, vehicles, collections, tools, electronics, clothing, and household goods all need to be documented.

How to Document Personal Property

Work room by room. For each item worth more than a nominal amount, record:

• Description — what it is, in enough detail that someone could identify it from the description alone
• Location — which room it was found in
• Condition — working, damaged, or non-functional
• Estimated value — fair market value (what a willing buyer would pay), not replacement cost or sentimental value
• Photo — one clear photo per item; photograph maker's marks, labels, and hallmarks on antiques, silver, and furniture

You do not need to individually list every kitchen utensil or towel. Group low-value household goods by category: "Contents of kitchen — general cookware, dishes, small appliances — estimated total value $200." Courts accept this for ordinary items. Reserve individual line items for anything worth $100 or more, items specifically mentioned in the will, and anything of sentimental significance that heirs may dispute.

Appraisals for High-Value Items

Some items require a formal appraisal by a qualified professional rather than your best guess:

• Jewelry and watches — use a certified gemologist (GIA credential), not the shop that wants to buy them
• Fine art and antiques — a member of the American Society of Appraisers or the Appraisers Association of America
• Collections (coins, stamps, firearms, wine) — specialists in each category give more accurate valuations than generalist appraisers
• Vehicles — Kelley Blue Book or NADA guides give a defensible fair market value for standard vehicles; rare or classic cars need a specialist

If the total estate value may trigger federal estate tax under the applicable filing threshold, every significant asset needs a documented date-of-death value. This supports tax reporting and the stepped-up basis that heirs use when they eventually sell.

Tools for Tracking

A simple spreadsheet works for most estates — columns for item description, location, condition, estimated value, and notes. Take photos on your phone and organize them in folders by room.

For larger or more complex estates, dedicated apps like Encircle or Sortly let you photograph, categorize, and value items with a phone, then export the results as a formatted report suitable for court filing.

Whatever tool you use, back it up. Losing the inventory after weeks of work is a setback you cannot afford when court deadlines are approaching.

Filing With the Court

Most probate courts accept the inventory as a sworn document — the executor signs under penalty of perjury that the list is complete and accurate to the best of their knowledge. Some states require the inventory to be filed with the court within a specific window, while others allow it to be provided directly to heirs without court filing.

Check your state's probate code or confirm the deadline with the estate attorney. Missing the filing window does not void the probate, but it can invite court scrutiny and additional fees.

The Clearing Out the Family Home toolkit includes a printable asset inventory log with pre-formatted columns for each asset category, plus a document finder checklist that ensures you locate every financial account and legal record before the inventory is filed.