What is an estate inventory?

An estate inventory is an itemized list of all of a deceased person’s assets and liabilities. In Virginia probate law, estate inventories are typically taken for probate purposes when a person passes away. Probate is the process by which a court orders the distribution of a person’s assets and liabilities among their beneficiaries or heirs. In order for a court to properly decide who should receive what, the estate needs to be accounted for in an inventory. The Virginia estate inventory must include a description of all of the assets owned by the deceased person, including real estate, bank accounts, investments, business interests, and personal property like furniture, vehicles, and jewelry. In addition, the inventory must include an estimate of the value of all of these assets at the time of the deceased’s death. It must also list any liabilities a deceased person may have accumulated, such as medical bills, unpaid loans, or taxes. The estate inventory is used by the probate court to determine the total value of the assets and liabilities of the estate. This helps the court decide how to best divide the estate among the beneficiaries or heirs. It also serves as a reference to ensure all assets and liabilities are properly taken into account in the distribution process.

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