Estate Inventory

An estate inventory records every asset and liability of the deceased estate — real estate, bank accounts, shares, vehicles, chattels and debts — together with their value at the date of death. It is the foundation of administration: it supports the application for a grant of representation, guides payment of estate liabilities, and tells the executor what is actually available to distribute.

Most Supreme Courts require an inventory (often called a "statement of assets and liabilities") to be filed with the grant application. Example: "Preparing the estate inventory revealed an old insurance policy worth $40,000 that the family had completely forgotten about." Accurate valuations matter because they affect capital gains tax and any later family provision claim.