1555 Palm Beach Lakes Blvd Suite 1410

West Palm Beach, FL 33401

24/7 Customer Support

What Is a Inventory of probate assets? Definition, Uses and Importance.

Jump To Section

Copy the following HTML iframe code to your website:

Share This

An inventory of probate assets is a full accounting of all of the assets in the estate as well as the creditors to the estate. The executor will present the inventory of assets and creditors to the probate judge.

What is an Inventory of Probate Assets?

When a probate is opened, one of the first matters that gets handled is an inventory of the estate assets, after an executor of the estate is selected. An inventory of probate assets refers to the collection of all the assets of the decedent’s estate. The probate process cannot move forward if inventory is not taken. After taking inventory, the executor presents the inventory to the probate judge and then the estate starts being administered.

Importance of taking inventory of probate assets

Without taking into consideration the inventory of probate assets, the executor cannot determine how to successfully administer the estates with each creditor and beneficiary getting what should be due to them. Taking inventory of the total assets of the deceased helps to know the total value of the estate that the deceased left behind.

Timeline for an inventory of probate assets

The timeline for taking inventory of the estates of the deceased varies from state to state. However, in most states, the inventory must be taken within 60 days after the letters of administration have been received.

How inventory of probate assets works

The process of taking inventory of probate assets is one of the most tedious stages of probate. It starts with the executor creating a separate and independent account for all the liquid assets and investments of the deceased. 

Once the account has been created, all the liquid assets (cash), investments and ROIs due would be transferred to that account. The executor will also get the landed and fixed assets appraised to determine the real value of the decedent’s estates.

« Back to Glossary Index
Search for more common probate terms
Search

Get Your Inheritance Money Now!

Our Inheritance Cash Advances help heirs receive a portion of their inheritance payout in just a few days. We then wait and are paid directly out of your share when the estate finally closes. We wait for probate so that you don’t have to. Click below and fill out our short form to receive an advance immediately.

Probate Costs
Play Video

If you are an Heir or Executor to an Estate, You Don’t Have To Wait For Probate!

Inheritance advanced Logo
comodoCreated with Sketch.
employee_ownedCreated with Sketch.
bbbCreated with Sketch.
customer_satisfactionCreated with Sketch.

Inheritance Advanced is an inheritance funding company, not a lender. We offer Inheritance Cash Advances which are a new and innovative option for heirs to receive the immediate cash they need during challenging times. This program allows an heir the benefit of receiving immediate money, in exchange for their future inheritance.

Inheritance advances are a way for heirs to receive immediate funds without providing credit or employment verification and they don’t require collateral. You also will not be responsible for high monthly interest payments like probate loans or inheritance loans.