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Inventory, Appraisement and List of Claims


What is a Probate Inventory, Appraisement and List of Claims?

The Texas Probate Code requires that within 90 days after qualification, the executor, executrix, administrator, or administratrix of an estate must file with the probate court a sworn inventory, appraisement, and list of claims. This public document will include proper and complete descriptions of the various assets with accurate "fair market value" evaluations.  The inventory, appraisement, and list of claims for a non-taxable estate is normally composed of seven schedules, as follows: real property (for example, houses, farms, and land); stocks, bonds, and other securities; mortgages, notes, and cash (for example, bank accounts, certificates of deposit, and money market accounts); life insurance payable to the estate; jointly owned property; miscellaneous property; and a list of claims, debts, or causes of action which owed to or owned by the estate.

If the estate is an independent administration, after the probate court approves the inventory, appraisement, and list of claims in an official order of the court, normally such formal action also concludes the courtís involvement with the estate.

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