**Inventory** (noun) — A comprehensive list and valuation of all assets belonging to a deceased person's estate, typically compiled by the executor or administrator during the estate administration process. In some jurisdictions, the inventory must be filed with the court or provided to beneficiaries as part of the probate or administration proceedings.
An inventory is a detailed list of everything the deceased person owned when they died—and what it's all worth.
When you're appointed as executor or administrator, one of your first jobs is to identify and value all the assets in the estate. You need to find every bank account, every investment, every piece of property, every vehicle, every valuable possession. Then you need to determine what each item is worth as of the date of death.
This inventory serves several purposes. It helps you understand what you're working with and ensures nothing gets overlooked or goes missing. It provides a baseline for accounting—you need to be able to show what came into the estate and what went out. And in many places, it's a legal requirement that must be filed with the court or provided to beneficiaries.
The level of detail required varies. For major assets like houses or shares, you'll need formal valuations. For household contents and personal effects, a reasonable estimate is usually acceptable unless there are particularly valuable items. The key is being thorough and honest.
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Creating an accurate inventory is one of the most important tasks an executor or administrator performs.
The inventory determines the value of the estate, which affects several things: whether probate is required (some jurisdictions have simplified processes for small estates), what tax might be payable, what creditors can claim, and what beneficiaries will ultimately receive.
A comprehensive inventory protects the executor from later accusations that assets went missing or were undervalued. If a beneficiary claims there should be more in the estate, you can point to the inventory and show exactly what was found and how it was valued.
The inventory process can also uncover surprises. You might find accounts or assets the deceased never mentioned. Or you might discover debts that need to be paid before any distribution to beneficiaries. Taking the time to do a thorough search and create a complete inventory early in the administration saves problems later.
In some jurisdictions, you must file the inventory with the court within a specific timeframe. In others, you only need to provide it to beneficiaries on request. But even where it's not legally required, creating an inventory is good practice—it's essential for managing the estate properly and defending your administration if questions arise.
As you administer the estate, you'll update the inventory to reflect what's been sold, what's been distributed, and what remains. By the end, you'll be able to show a complete accounting from the initial inventory through to final distribution.
**Related terms:** Estate assets, [Executor](/dictionary/executor), [Probate](/dictionary/probate), [Estate administration](/dictionary/estate-administration)
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- Estate assets
- Executor
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