If you discover that any of the items listed on a previous Inventory were incorrect (such as an account number or legal description), file a “Corrected” Inventory to fix the error. If you file a “Final” Inventory and later discover additional estate assets, you should file a “Supplemental” Inventory with those assets. Later, when the last of the assets have been inventoried, you can file a “Final” Inventory. If you know that some assets are still missing after four months of receiving Letters, file an Inventory & Appraisal and write “Partial” at the top of the form. If you are able to list all of the estate assets on one Inventory and Appraisal form, write “Final” at the top of the form. Partial, Amended, and Supplemental Inventories If the petition fails and the court determines the petition wasn’t justified, you may need to pay the probate referee’s attorney fees. However, be careful with making this request. Within 5 days of the inventory’s delivery, the probate referee may petition for a court determination of whether the item qualifies as “unique, artistic, unusual, or special”.

To do this, make a notation on Attachment 2 that the item will be appraised separately. Probate Code section 8904 states that the personal representative can elect to have an independent expert appraise a “unique, artistic, unusual, or special item of tangible personal property”. Assets Appraised by an Independent Expert The probate referee should return the completed Inventory & Appraisal with the asset values within 60 days (unless they request additional information from you).Īfter the probate referee has signed Attachment 2, you must file the Inventory and Appraisal and two attachments with the probate court. Include a blank space after each of these items so they can be appraised and completed by the probate referee. Household furniture and furnishings (can be listed collectively rather than individually).Tangible personal property such as automobiles partnership and business interests.Stocks, bonds, mutual funds, and other securities.Probate referees are qualified appraisers who have passed rigorous requirements and been appointed by the California State Controller’s Office.Īssets to be appraised by the probate referee include: Assets Appraised by the Probate RefereeĪttachment 2 will list non-cash assets where value may be harder to determine which must be appraised by the probate referee. Proceeds of life and accident insurance policies and retirement plans and annuities payable on death in lump sum amounts.įor each item, list the dollar value as of the decedent’s date of death.Cash deposits and money market mutual funds, including brokerage cash accounts.Checks issued after the date of the decedent’s death such as checks for wages earned before death, refund checks (like tax and utility refunds or Medicare, medical insurance, and other health care reimbursements and payments).Money and other cash items issued on or before the date of the decedent’s death.Assets Appraised by the Personal RepresentativeĪs Personal Representative, you will appraise the items on Attachment 1, as outlined in Probate Code section 8901. The Inventory and Appraisal form requires two attachments: Attachment 1 and Attachment 2. Be sure to clearly designate each item as the decedent’s separate property or the decedent’s one-half interest as community property of the decedent and their surviving spouse. The Inventory should include all of the decedent’s assets, such as real property cash, checking, savings, and investment accounts household furniture jewelry collectibles such as coin collections, antiques, and record collections business interests, and any other assets.ĭescribe each item in detail so that it can be properly identified and appraised, including account numbers, legal descriptions, license numbers, etc. The Inventory and Appraisal form provides an overall estate value, while the attachment forms provide an itemized list of the estate assets. Ultimately, the appraisal values set forth in the Inventory and Appraisal will set the base values for determining the statutory fees to be paid at the end of the probate matter. The purpose of the Inventory and Appraisal is to determine the value of the decedents’ assets at the date of their death. Inventory and Appraisal is a single document that lists all of the estate’s assets and appraises the value of those assets. If you’re the Personal Representative in a probate estate, you must file a document called Inventory and Appraisal with the court within four months of receiving Letters of Administration.

Probate inventory definition