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Trust and Estates Attorneys

Inventories and Accounts in DC Probate Cases

An inventory is a list of all of the probate assets, including a description of the estate assets, and the value of the assets as of the date of death. They are not required in all types of probate proceedings. An account is a collection of records about income, gains, losses, etc. following the creation of an inventory. Below, a DC probate lawyer discusses inventories and accounts in more depth. For more questions about inventories and accounts with respect to DC probates, call and schedule a consultation today.

The Purpose of Inventories

The purpose of the inventory is to establish the date of death values of all of the probate assets, which provides a starting point for the accounting of the estate assets. Whether an inventory is filed with the Superior Court for the District of Columbia depends on the type of administration that was established. Generally, an interested person of an estate will receive an inventory, regardless of whether it is required to be filed with the Superior Court for the District of Columbia.

Typically, when the Inventory is created, the Personal Representative is still in the process marshaling the assets and assessing the legally enforceable debts. It is often too premature in the estate process to determine what may be sold.

For supervised estates, inventories must be filed with the Superior Court for the District of Columbia.  With unsupervised administrations, they are not required to be filed with the Superior Court for the District of Columbia. Instead, they are distributed to the interested persons.

Using Appraisers

Appraisers value real estate, and tangible personal property such as furniture, artwork, jewelry, coin collections, and stamp collections. Business appraisers or valuators may also be used to value any business interest as of the date of the decedent’s death.

Accounts in Probate Cases

An account is a record of all of the income, gains, losses, expenses, and distributions made since the filing of the inventory, or the filing of the previous account.

Accounts are required in most of the administration proceedings in DC estates. Whether they are filed with the court depends on the type of administration that was established.

The Purpose of Accounts

The purpose of the account is to reflect the actions that occurred during the administration of the estate. Generally, the interested persons of an estate may receive the accounting.

Record-Keeping Requirements

It is prudent for Personal Representatives to keep all bank statements from the date of death of the decedent through the administration and distribution of the estate. Copies of checks or receipts can also be helpful. Generally, it is advisable to keep any documentation that supports the receipt, payment, deposit, or transfer of estate assets either into or out of the estate account.