Q & A Inventory, Appraisal, And Probate Accountings
Is an inventory required in every probate case?
No. Requirements vary by estate structure, asset type, and court rules. When required, however, it must be complete and accurate.
What is the difference between inventory and appraisal?
Inventory identifies assets. Appraisal assigns value. They serve different purposes and are often completed in stages.
Who performs appraisals in probate?
Some assets require appraisal by a court-appointed or qualified appraiser. Others may be valued through documentation or established valuation methods, depending on the asset.
Why does the court care so much about valuation?
Because valuation affects compensation, taxes, distributions, and fiduciary accountability. Unsupported values undermine the integrity of the record.
Can values be challenged?
Yes. Appraisals and valuations may be questioned or objected to if unsupported or inconsistent with applicable rules.
What is probate accounting?
An accounting is a detailed financial report showing how estate assets were managed over time, including all receipts and disbursements.
Who prepares the accounting?
The Personal Representative is responsible, often with assistance from professionals. Responsibility cannot be delegated away.
Why are accountings so detailed?
Because they are the primary tool the court uses to evaluate fiduciary conduct and authorize next steps.
When are accountings required?
Accountings are generally required before compensation is approved, before distributions are made, and before the estate is closed. Interim accounting may also be required, depending on the duration and circumstances of the administration.
Can distributions occur without an accounting?
Generally, no. Courts require a clear financial record before approving distributions.
Do beneficiaries receive copies of the accounting?
In most cases, yes. Beneficiaries are entitled to review and, if appropriate, object.
Why do accountings cause delay?
Most delays arise from incomplete records, unclear transactions, or inconsistencies that require clarification.
Does a clean accounting protect the Personal Representative?
Yes. Clear, well-supported accountings reduce exposure and support court approval of actions taken.
Are small errors important?
Yes. Small inconsistencies often trigger examiner review and delay larger approvals.
Why do estates with no conflict still get stuck here?
Because probate does not operate on trust alone. It operates on record. Even uncontested estates must meet the same documentation standards.
Readers often review this page alongside the Court Roles and Personal Representative pages to understand how financial records, authority, and oversight intersect.