Estate Inventory Checklist: What to List and How to Value It (US)

Banks, insurers and brokers will ask for them before they share account details. Source: USA.gov, How to get a certified copy of a death certificate.

Letters testamentary or letters of administration show banks and others that you may ask about the person's accounts.

Bank, brokerage, retirement, insurance and loan statements, ideally the ones that cover the date of death. Watch the mail for a few months: statements reveal accounts you may not know about.

Forms 1099 for interest and dividends point to accounts and investments, and rental income points to property.

Also look for a safe deposit box key, paper stock certificates and savings bonds.

States hold money from forgotten accounts, refunds and insurance. USA.gov explains how to search the official databases. Source: USA.gov, Find unclaimed money.

Write the address, how the title is held (in the person's name alone, jointly with right of survivorship, in a trust, or with a transfer-on-death deed where your state allows it) and any mortgage.

A written appraisal by a qualified appraiser, valued as of the date of death, is the strongest record. A property tax assessment is often not the same as market value.

Ask each bank for a letter showing the balance on the date of death, and whether the account was joint or payable on death (POD).

Brokers can usually give date-of-death values. For estate tax, the Form 706 instructions say listed stocks are generally valued at the mean between the highest and lowest quoted selling prices on the valuation date. Source: IRS, Instructions for Form 706.

Write down the serial numbers and the names of any co-owner or beneficiary. TreasuryDirect explains how to cash or reissue bonds after a death.

Open the box only as the bank and your state allow, ideally with a witness, and list what is inside.

Write the plan, the value at death and the named beneficiaries. These usually go to the named beneficiary, not under the will. Source: IRS, Retirement topics: Beneficiary.

Write the insurer, the policy number and the beneficiary. Money paid to a named beneficiary usually passes outside probate, but a policy the person owned on their own life can still count for federal estate tax.

POD bank accounts and TOD brokerage accounts pass to the person named once the bank or broker has the paperwork it needs.

Property held jointly with right of survivorship usually passes to the surviving owner. Note who the other owner is and the person's share. List it anyway: it can matter for estate tax and for the full picture.

Assets titled in the name of a trust pass under the trust's terms, through the trustee, not through probate.

Write the name on the title, the VIN or hull number, any loan, and a value from a recognized valuation guide or a dealer.

Furniture, clothing and everyday items are often listed room by room, with a reasonable total value.

Jewelry, art, antiques, collections and firearms. Take photos and keep the written appraisal.

Email, cloud storage, online banking, cryptocurrency, loyalty points, domain names and photos. Ask each provider about its process rather than logging in with the person's password; many states have a law on who may access digital accounts.

A sole business, shares in a family company, or an interest in a partnership or LLC. Look for the operating or partnership agreement. A business usually needs a professional valuation.

A final paycheck, refunds, loans they made to others, insurance claims, deposits held by a landlord or care home, and any tax refund.

Ask each lender for the payoff balance as of the date of death, in writing.

Debts are generally paid from the money or property in the estate. Family members usually do not have to pay them from their own money. Source: CFPB, Does a person's debt go away when they die?.

Unpaid income tax, property tax and any estate tax. IRS Publication 559 lists the returns an estate may need.

Funeral costs, appraisals, court costs, and legal and accounting bills paid by the estate.

Your state may set an order of priority for debts. If the estate may not have enough to pay everything, ask the court or a lawyer before paying anyone.

The IRS says the basis of inherited property is generally its fair market value on the date of death. Source: IRS, Gifts and inheritances.

If an estate tax return is filed, the executor can in some cases choose to value the estate six months after the date of death instead. A tax professional can tell you whether it applies. Source: IRS, Instructions for Form 706.

Probate (by the will, or by state law if there is no will), beneficiary designation, joint ownership or trust. This shows what the court needs to see and what you will actually distribute.

Many probate courts require an inventory within a set time after you are appointed. Check your court's forms and deadline, and ask whether beneficiaries must get a copy.

Seeing the full list early, with the values and the evidence behind them, prevents many misunderstandings.

Only estates above the federal filing threshold must file Form 706, but some executors of married people file one so the surviving spouse can use the unused exclusion (portability). The IRS estate tax page shows the current threshold. Sources: IRS, Estate tax, IRS, About Form 706.

Add assets you find later, and note sales and what they brought in. Your final accounting builds on this list. If a spreadsheet helps, we make an estate inventory spreadsheet.