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Before you can distribute an inheritance, you need to know what the estate owns. An estate inventory is a detailed list of probate assets and their values. It helps establish the estate’s worth, gives beneficiaries a clearer picture of the property involved, and supports decisions about paying debts and distributing inheritances.
If you are serving as an executor, preparing this document early can help you spot missing records and ownership questions before they delay probate.
What Assets Belong in an Estate Inventory?
An estate inventory identifies property subject to probate, along with its estimated value. Depending on the estate, that may include:
- Real estate owned by the deceased.
- Bank and investment accounts without effective beneficiary designations.
- Business ownership interests.
- Vehicles, jewelry, furniture, and other personal belongings.
- Money owed to the deceased, such as an unpaid loan.
Not everything your loved one owned necessarily passes through probate. Assets held in a properly funded trust, accounts with valid payable-on-death designations, and life insurance payable to a named beneficiary generally transfer outside probate.
Whether an asset passes through probate depends on how it is owned and whether a valid beneficiary or survivorship designation applies. A joint account, for example, does not automatically avoid probate simply because two names appear on it. We can help you review account agreements and distinguish probate property from assets that transfer directly to someone else.
Why Is an Estate Inventory Important During Probate?
An accurate inventory provides a starting point for administering the estate. Without it, you may make decisions based on an incomplete picture of what is available.
For beneficiaries, the inventory promotes transparency. It helps explain what property exists and provides a reference when questions arise about an inheritance.
For you as executor, it supports decisions about whether the estate has enough resources to cover valid debts, administration expenses, and any applicable taxes. It can also help you determine whether property may need to be sold before distributions occur.
The inventory does not determine who inherits. The will or Texas inheritance law controls that question. However, identifying the property accurately helps you carry out those instructions and account for the assets entrusted to you.
Who Prepares the Estate Inventory in Texas?
The court-appointed executor or administrator, also called the personal representative, is responsible for preparing the inventory. You may work with an attorney, accountant, or appraiser, but you remain responsible for providing complete and accurate information.
Start by gathering deeds, financial statements, vehicle titles, and business records. Tax returns may point to accounts or investments you did not know existed. Keep supporting documents organized so you can explain how you identified each asset and determined its value.
Texas generally requires fair market values as of the date of death and identification of separate and community property. A professional appraisal may help support the value of real estate, a closely held business, or unusual valuables.
When Must You File an Estate Inventory in Texas?
The inventory generally must be filed within 90 days after you qualify as personal representative, unless the court changes the deadline. That period runs from qualification, not your loved one’s death.
Some independent executors may file an affidavit in lieu of the inventory if statutory conditions are satisfied. This option generally requires payment of debts other than secured debts, taxes, and administration expenses, plus delivery of the inventory to beneficiaries as required by law. It does not eliminate preparation of the inventory. We can help you determine which filing applies.
What Happens if Assets Are Missing or Values Are Incorrect?
An omitted account or unsupported valuation can delay distributions and raise questions among beneficiaries. If you discover additional estate property after filing, Texas law requires a prompt supplemental filing. Incorrect entries may also require correction or court review.
Discovering another asset does not automatically mean you have mishandled the estate. Preserve the records, avoid distributing disputed property prematurely, and address the issue promptly. We can help you determine what needs updating and respond to concerns before they become larger disputes.
Get Your Estate Inventory on Solid Ground
You do not have to sort through unfamiliar probate requirements alone. At the Law Office of Carey Thompson, PC, we help executors identify estate assets, address valuation questions, and prepare the required probate documents. If you have been appointed to administer a Texas estate, contact us to discuss your responsibilities and get help preparing an accurate inventory.