Serving as Executor or Administrator

What Is an Inventory and Appraisal in California Probate?

By Grant A. Toeppen

The Inventory and Appraisal is the official document that lists everything the estate owns as of the date of death, along with what each item was worth at that moment. It is one of the cornerstone filings in any probate, and it generally must be filed within four months after the personal representative is appointed.

What goes on the inventory

The inventory covers all assets that are part of the probate estate — that is, assets passing through the court process. Common entries include:

Real estate
Bank, brokerage, and investment accounts
Business interests
Vehicles, jewelry, art, and other valuable personal property
Money owed to the deceased person

Assets that pass outside probate — trust property, jointly held property, accounts with named beneficiaries — are generally not listed, because they aren't part of the probate estate.

Who values what: the two attachments

The inventory is split into two parts based on who does the valuing:

Attachment 1 — cash items. The personal representative values straightforward cash and cash-equivalents: bank balances, the proceeds of matured insurance, and similar items with an obvious value.
Attachment 2 — everything else. All other assets are appraised by an independent, court-appointed probate referee — real estate, business interests, and anything requiring professional judgment. (See What Is a Probate Referee?)

Why it matters so much

The Inventory and Appraisal does a lot of quiet work in the case:

It establishes the size of the estate, which drives the statutory attorney and representative fees and the bond amount.
It gives the heirs and the court a verified picture of exactly what the estate holds.
It uses date-of-death values, which also matter for tax purposes — for example, the "stepped-up" cost basis that can reduce capital gains tax when heirs later sell an asset.

Getting it right

Because so much flows from these numbers, accuracy matters. Values are measured as of the day the person died, not the day you file — which can require some care for real estate and investments that have moved since. An organized inventory, prepared with the probate referee, keeps the rest of the case on schedule.

We prepare the Inventory and Appraisal and coordinate with the probate referee so the values are accurate and the filing isn't a source of delay — wherever in the world the representative happens to live. Request a consultation.

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Frequently Asked Questions

When is the Inventory and Appraisal due in California? It generally must be filed within four months after the personal representative is appointed and Letters are issued.

Who appraises the assets in an estate? The personal representative values cash and cash-equivalents; a court-appointed probate referee appraises all other assets, such as real estate and business interests.

What date is used to value the assets? The values are measured as of the decedent's date of death, not the date the inventory is prepared or filed.

Does the inventory include trust or jointly held property? No. Assets that pass outside probate — trust property, joint tenancy property, and accounts with named beneficiaries — are generally not part of the probate inventory.

Why does the inventory matter for fees? Statutory probate fees are based on the estate's value, which the Inventory and Appraisal establishes. A higher inventory value means higher statutory fees.

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