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How to prepare the inventory and appraisal for an estate

One of the most important steps for someone administering an estate is completing the inventory and appraisal of the deceased person’s property. They provide this information to the state using the Inventory and Appraisal Form, which includes two attachments. The attachments are the essential part of the form, as they are the actual lists of assets.

Today, we cover the essentials of the California Inventory and Appraisal form.

Attachment One: Cash and money assets

The first attachment in the inventory and appraisal process lists out all cash assets and their values. This list includes:

  • Bank accounts
  • Cash in the residence
  • Medicare checks
  • IRS refund checks
  • Proceeds of a retirement plan or life insurance policy
  • Mutual funds
  • Brokerage accounts

The administrator of the estate lists the dollar value of each money asset at the time the deceased passed away.

Attachment Two: Other assets

The second attachment lists all other property in the decedent’s estate. Everything must be described in detail, including:

  • Real estate
  • Stocks
  • Bonds
  • Vehicles
  • Securities
  • Household items
  • Business interests
  • Antiques, artwork and other collectibles

Both attachments are best filled out after an independent appraiser evaluates the property. For any unique assets, such as unusual collectibles or artwork, an expert on that type of asset can be especially helpful.

The representative of the estate is responsible for removing doubts relating to the deceased person’s assets. They must clear up any questions of ownership interest and provide detailed descriptions of real property. The inventory and appraisal process can seem a daunting task to those who have never done it before. Consulting with an estate law attorney experienced in financing can help clear up any questions a representative may have.

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