When you take on the responsibility of managing a loved one’s estate, one of your first tasks is creating an inventory of their assets. This list helps settle debts, distribute property, and meet legal requirements in Texas probate.
Start with physical property
Begin by walking through the decedent’s home and other properties. Make a detailed list of physical items like real estate, vehicles, furniture, jewelry, and collectibles. Take photos and note estimated values. If items have titles or deeds, gather those too. This record helps determine the estate’s value and protects you if questions come up later.
Include financial accounts and investments
Next, review bank statements, retirement accounts, stocks, and other investments. Check for safe deposit boxes and include any cash or certificates found there. List each asset with the account number, institution name, and estimated balance. This part of the inventory helps identify funds that may cover debts or go to beneficiaries.
Don’t forget debts and liabilities
Your inventory should also include outstanding debts like credit card balances, mortgages, or personal loans. Make sure to record who is owed, how much, and any relevant account numbers. These details help ensure that you pay debts in the right order before distributing the estate.
File the inventory with the court
In Texas, you must file the inventory with the probate court, usually within 90 days of your appointment as executor. The court uses this filing to confirm that everything is accounted for. If there are sensitive details, you can file an affidavit in place of the full inventory.
Stay organized and accurate
Keeping thorough records makes the process smoother for everyone involved. Stay organized with a spreadsheet or accounting software. If anything changes, update your records promptly. Taking a complete inventory is the first step in handling an estate as a fiduciary.