Listing a person’s assets after their passing is a crucial part of the probate process. While many assume that property, bank accounts, and real estate naturally transfer to the right hands, complications often arise when the probate court requires a formal inventory.
At Casey Lundregan Burns, P.C., we’ve guided Massachusetts families through probate and trusts for over 90 years.
Overview of a Probate Inventory
Let’s begin with the basics. An inventory serves as a thorough list of the deceased’s assets so that the court, heirs, and creditors have a clear picture of what’s in the estate.
In Massachusetts, this filing typically happens within about three months after the executor (also known as the personal representative) is appointed. If extra time is necessary, an extension from the court might be possible.
Proper record-keeping plays a big part. By detailing every probate asset, you not only increase efficiency but also make life easier when you eventually account for income, expenses, and distributions through the court.
Keep in mind that any asset passing directly to a named beneficiary, like certain life insurance or retirement benefits, is usually excluded from the official probate inventory.
Below is a quick reference showing some documents that are often helpful when preparing an inventory.
| Document | Reason for Use |
| Deeds & Titles | Confirm property ownership details |
| Bank & Brokerage Statements | Identify balances and account information |
| Tax Returns | Cross-check prior investments or properties |
| Safe Deposit Box Records | Reveal overlooked assets or valuables |
Assets To Include in a Massachusetts Probate Inventory
We’ll now walk through different asset types commonly listed in a probate inventory. This overview is not all-inclusive, so consult the will or supporting documents to see each scenario’s potential variations.
Real Estate
Look for houses, condos, land, or other property held solely in the deceased’s name. Gather the address, legal description, plus book and page details from the deed. An approximate value is generally required, and that may require a certified appraisal or a real estate professional’s opinion.
Financial Accounts
Financial accounts typically include checking, savings, and certificates of deposit that were solely in the deceased’s name. The inventory should list the name of the institution, the account number, and the balance as of the date of death.
Investments
Investments include brokerage holdings, stocks, bonds, and mutual funds owned by the deceased. You’ll want to gather statements or account data showing the value close to the date of death. Other documentation, such as a stock certificate, can confirm ownership or a specific share count.
Retirement Accounts
401(k)s, IRAs (Roth or traditional), and similar funds fall here, but whether they enter probate often depends on who was designated as beneficiary. If the estate is the beneficiary, be sure to include it. Locate statements showing values and check if the beneficiary form was completed.
Life Insurance Policies
Typically, a life insurance policy passes outside of probate if it names a direct beneficiary. You only include it in the estate’s inventory if it names the estate. Collect the policy’s info, such as the policy number and the possible benefit amount, if that’s the situation.
Vehicles
Vehicles owned solely by the deceased—cars, trucks, or motorcycles—must appear in the inventory. List the VIN, approximate value, and any related paperwork. If you’re unsure how to estimate value, check a reliable appraisal or a pricing index like Kelley Blue Book.
Business Interests
Ownership shares in a partnership, limited liability entity, or corporation are part of the probate estate if they’re held in the decedent’s name. The inventory should show the percentage owned, essential organizational details, and (if possible) a formal valuation. If the business is quite complicated, a professional valuation may be wise.
Personal Property
This usually covers furnishings, electronics, antiques, jewelry, or collectibles. There’s no need to list every fork and spoon, but keep a line item for general household property at a modest lump-sum figure. When you spot antique furniture or fine artwork, get individual appraisals if those items are especially valuable.
Other Assets
Sometimes, an estate will contain odds and ends like unpaid wages, legal claims, or intellectual property. These are easy to miss. If an item has value, list it separately. Provide records of the claim or any backup proving the claim’s worth.
Steps for Preparing the Inventory
With so many categories, it helps to follow a step-by-step plan.
First, review the decedent’s bank statements, deeds, investment records, and prior tax returns. These can point to stock holdings, property data, or other finances.
Second, search carefully in the home. Look in drawers, closets, boxes, and secure locations to spot old insurance since the decedent might have overlooked it. Check for a safe deposit box by contacting each bank where the decedent held accounts. You may find older documents or valuables inside.
Third, gather anecdotal input from family, business associates, or friends. They might know of a timeshare or retirement plan that was never mentioned. Keep a clear notepad and document these helpful insights.
Fourth, hire a professional assessor for certain valuations, especially real estate or unusual items of personal property. Doing so can prevent incorrect values and reduce disputes among heirs or creditors.
Finally, use the official form MPC 854 if you plan to file the inventory with the Massachusetts Probate and Family Court. Be sure to include an asset description, location, and any identifying data such as an account or certificate number. Clarity here saves time for everyone.
Filing the Inventory with the Probate Court
While many Massachusetts estates do not strictly require the inventory to be filed with the court unless directed, you must still create and share it with heirs or beneficiaries. If you do file, complete MPC 854 fully. Check your numbers and address details more than once. Attach supporting pages or schedules if needed.
Then, file it in the Probate and Family Court in the county where probate is taking place. Some courts ask for a filing fee, so contact the registry to confirm. Also, remain mindful of that three-month window from the time of appointment, although you can petition for more time if conditions require it.
Once the court or relevant recipients have your inventory, store a copy in a safe spot. You’ll likely need it down the line when you finalize tasks, settle taxes, or prepare an accounting. Creating a well-structured inventory early on will help unify all the estate details, easing the road ahead.
Casey Lundregan Burns, P.C.: Your Trusted Legal Counsel in Massachusetts
At Casey Lundregan Burns, P.C., we understand that probate and estate administration can be overwhelming. From gathering asset details to meeting legal requirements, we’re here to help. For generations, our firm has guided Massachusetts families through probate with practical advice and support.
If you need help with your inventory or other probate matters, call 978-878-3519 or visit our website. We’re committed to honoring your loved one’s wishes while making the process smoother for you.
The information in this post is not intended as legal advice or a substitute for the particularized advice of counsel. For more information, please consult an attorney.