Being the personal representative or executor for the estate of someone who passed away is a big deal. Taking on the role means properly paying debts from the estate and ensuring that the deceased person’s (decedent’s) beneficiaries receive their shares. This hard work begins with compiling a comprehensive inventory of the decedent’s assets.
So, how detailed does an estate inventory need to be? An inventory needs to be very detailed, and a representative might need to involve a professional to compile the list and appraise the items on it properly. Sifting through a decedent’s estate and assigning a value to each item is a heavy task, but we can lighten your load. Robbins Estate Law is a premier estate planning and probate law firm backed by decades of combined experience. Contact us today if you have questions about handling your estate or the estate of a loved one.
What Goes into an Estate Inventory?
After the court approves a personal representative, the clock starts ticking for that representative to provide a full, verified, and detailed inventory of the decedent’s estate. There are many steps to making this list, and we go over them below.
1. Identifying the Property in the Inventory
In their inventory, the representative must include a list of all real estate the decedent owned in Texas and all personal property owned by the decedent, no matter where the property is. When they first compile their list, a representative may want to include a detailed timeline of when the decedent acquired each property and when any property became encumbered. This timeline can help the representative fulfill many of their other obligations.
If the decedent had a spouse, the representative needs to identify what property in the inventory is community property and what is separate. Community property is generally any property a decedent and their spouse obtained while married. The decedent’s separate property typically includes the following:
- Property the decedent obtained before they got married;
- Anything the decedent recovered in a personal injury claim, except for compensation for loss of earning capacity during their marriage; and
- Property the decedent obtained by descent, devise, or gift.
The representative needs to include this information in their inventory because all or half of a decedent’s community property may pass to their surviving spouse if the decedent does not have a valid will. Once the representative has a list of everything the decedent owned, they must assign each property a value.
2. Valuing the Property in the Inventory
Texas’s estate laws require that a personal representative appraise the decedent’s estate with their inventory. The appraisement must list the fair market value for each of the decedent’s assets. This fair market value has to be the property’s value on the date the decedent passed.
If you are a personal representative and do not know how to determine the fair market value of real estate or personal items, the court may provide you with an appraiser to help complete your inventory. In fact, the court might appoint up to three appraisers to assist you with your inventory. However, you must pay each appraiser using the funds from the decedent’s estate.
If you already have a list of all the decedent’s assets and their fair market values, remember that your list is not ready for submission until you have a list of claims and an affidavit regarding your work. Along with a decedent’s estate inventory, a personal representative must provide information about what the estate owes and is entitled to receive.
3. Listing Estate Claims
A personal representative’s estate inventory and appraisement are not ready for submission unless they include a list of claims owed to the estate and the debts the estate must pay. This claims list must be detailed as well and should include the following:
- The name and contact information of each individual who owes the estate money,
- The nature of each debt the estate owes,
- The amount of each debt the estate owes,
- The due date of each debt the estate owes,
- The interest rate and interest-bearing periods for each debt the estate owes, and
- Whether each debt is a separate or community debt.
When the representative’s inventory work is complete, they must submit the inventory, appraisement, and claims list to the court with a sworn statement that all included materials are true and complete according to the representative’s knowledge. The judge can then approve or reject the inventory materials and give the representative 20 days to file new inventory materials.
How Long Does a Personal Representative Have to Submit an Inventory?
In general, a personal representative has 90 days after qualifying as a representative to file their inventory and accompanying materials with the court. However, the court can increase this window of time.
You Don’t Have to Administer an Estate Alone
There are two things you should take from this article:
- Compiling an inventory of a decedent’s estate is a tall order that should not be taken lightly, and
- You can always ask for help in an estate case.
Our highly experienced attorneys from Robbins Estate Law can answer your questions regarding estate inventories and help you through the process.
Contact Robbins Estate Law Today
Speak to one of our attorneys if you are still wondering, How detailed does an estate inventory need to be? At Robbins Estate Law, we provide award-winning advocacy and advice for your estate planning or probate case. We are passionate about helping the people of Texas and have received top reviews from many of our clients. If you need help, please give us a call or contact us online to schedule an appointment.
Resource List
- Tex. Family Code §3.002, link
- Tex. Family Code §3.001, link
- Tex. Estates Code §201.003, link
- Tex. Estates Code §309.001, link
- Tex. Estates Code §309.002, link
- Tex. Estates Code §309.052, link
- Tex. Estates Code §309.053, link
- Tex. Estates Code §309.054, link
Kyle Robbins
Kyle Robbins is the founder and sole owner of The Law
Offices of Kyle Robbins. He received his J.D. with honors from the University of Texas School of Law and his B.S. in Food Chemistry and Microbiology from Oklahoma State University.
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