Inventory and Appraisal in California Probate

Inventory identifies what belongs to the estate. Appraisal establishes value. Understand both before making important decisions.

Inventory Comes First

Before assets can be valued, the estate must first determine what it owns.

That may include real estate, financial accounts, vehicles, personal property, valuables, investments, business interests, digital assets, property in other states, and items that may not be immediately obvious.

The Personal Representative is responsible for identifying estate assets and providing the appropriate information for the Inventory and Appraisal.

The Probate Referee appraises the property presented for appraisal. Do not assume the Referee will independently discover assets or important details that were never provided.

For more background, see Information Gathering and Asset Discovery.

What If Something Is Discovered Later?

Assets are sometimes discovered after the original inventory has been prepared or even later in the probate process.

Additional assets can generally be addressed through the appropriate probate procedures and ultimately distributed according to the Will, applicable law, and court instructions.

The probate attorney should advise the Personal Representative on the required procedure.

The practical point is simple:

Finding something late is better than never finding it. Finding it early is better still.

Questions about valuables, ownership, documentation, unusual assets, or what should be investigated before property is sold, donated, or distributed can become much more involved than this page suggests.

If you have an inventory question, contact me and tell me what you are dealing with.

Then Comes Appraisal

Once the estate knows what it owns, the next question is:

What is it worth?

With real estate, there may be several answers.

A Probate Referee’s appraisal, private appraisal, lender appraisal, real estate professional’s Comparative Market Analysis (CMA), CRMLS automated valuation, and online estimates from Zillow, Redfin, or Realtor.com may all produce different numbers.

Before relying on any valuation, ask:

As of what date? For what purpose? Based on what information?

The answers matter.

The Probate Referee’s Appraisal

The Probate Referee’s appraisal serves a specific purpose in California probate. It should not automatically be confused with the property’s current market value or listing strategy.

This can become particularly important under Limited Authority, where the referee’s appraised value can affect the court-confirmation process.

For more background, see Limited vs. Full Authority in California Probate.

And remember:

An appraisal is an opinion of value as of a particular date. The market continues moving after that date.

What If the Appraisal Doesn’t Look Right?

That is where a closer assessment may be worthwhile.

Property condition, comparable sales, improvements, location, market changes, available information, and the purpose of the appraisal can all deserve closer examination.

And yes, there are circumstances in which an appraisal may warrant further investigation or a properly supported challenge.

Rather than turning this page into an appraisal manual, I have put the deeper discussion into a 15-page Appraisal Assessment & Contest Report.

Want the Details?

If you already have an appraisal or have questions about a property’s valuation, ask me for the:

Appraisal Assessment & Contest Report

Contact Me and Request the Report

Simply mention “Appraisal Report” in your message.

Already Have a Probate Referee’s Appraisal?

If the estate includes Southern California real estate, we can also compare the Probate Referee’s appraisal with the property’s current market position.

Start with Market Valuation for My Property.

Inventory First. Appraisal Second. Decisions After Due Diligence.

Know what the estate owns. Understand what the numbers mean. Then decide what deserves a closer look.