Inventory of Probate Assets
An inventory must be filed with the court in administering an estate. The inventory should identify all probate assets of the decedent at the time of death. This may require some investigation by the executor. A good starting point is to monitor the decedent’s mail for evidence of statements for accounts. In an increasingly electronic society, however, access to digital accounts may be more productive as more and more parties elect for email correspondence over hard copies in the mail.
The inventory should include the value of the assets listed as of the decedent’s death. The inventory is to be filed with the court within nine (9) months from the date of death unless an extension is granted.
If additional assets are discovered after filing the initial inventory a supplemental inventory should be filed with the court. The amount of tax due depends on the value of the estate. Accordingly, the inventory and inheritance tax return are usually filed together. There is a form available for use in Pennsylvania on the Unified Judicial System website. Alternatively, items on Schedule A – E of the inheritance tax return can serve as the list of assets for the inventory.
