During probate, one of the things that the personal representative for an estate will have to do is create an inventory of the estate. This is a far more involved process than it may seem on the surface, and below, we’ll reveal the basic steps it entails.

How to Inventory an Estate during Colorado Probate

Step 1 – Thoroughly review the court probate inventory form.

Here’s an overview of the steps to take when creating an estate inventory for Colorado probate, experienced Trinidad & Pueblo probate attorneys explain.

Here’s an overview of the steps to take when creating an estate inventory for Colorado probate, experienced Trinidad & Pueblo probate attorneys explain.

Specifically, this will be JDF 941 R10-12, Decedent’s Estate Inventory. Before writing anything on this form, make sure to read carefully and entirely. This will help you get a better idea of the next steps in this inventory process.

Step 2 – Detail all real and personal property of the estate.

This list should specifically include the details regarding the decedent’s:

  • Homes and/or real estate – For these, the physical address of each property, along with a brief description, should be provided.
  • Bank and/or retirement accounts – The amount of money held in these accounts, as well as where these accounts are at, should be detailed in this section of the inventory form.
  • Other personal property – This can include items like vehicles, jewelry, etc.

Step 3 – List any and all debts owed by the estate.

When an estate has any outstanding debts, the amounts of these debts – along with details regarding who the creditors are – will also need to be detailed in the estate inventory for probate. Such debts can include (but may not be limited to):

  • Medical bills
  • Credit card debts
  • Mortgage debts
  • Vehicle loans.

Step 4 – Detail the estate assets that will not be subject to probate.

Not every asset of an estate will have to pass through probate. For instance, jointly owned homes, the funds of joint bank accounts and the assets in trusts don’t go through probate.

These assets will still, nevertheless, have to be listed on the probate inventory form just in case there is any dispute later regarding how these assets were handled/distributed.

Step 5 – Get the non-cash assets that will be going through probate appraised.

This will involve hiring a professional appraiser to evaluate the value of assets like real estate, vehicles, jewelry and other non-cash assets that will be passing through probated.

Step 6 – Submit the completed inventory form to the probate court.

This will have to be done within 3 months of the appointment of the personal representative for the estate.

The Bottom Line: Probate Is Complicated & It Pays to Get Help

Inventorying the estate is just one aspect of Colorado probate, and it’s clearly a complicated step in and of itself.

Given that personal representatives are liable for ensuring an estate is properly managed in probate, retaining an experienced attorney to guide you through the process can be pivotal to wrapping it up as favorably – and as inexpensively and efficiently – as possible.

Contact the Trinidad & Pueblo Probate Attorneys at Gradisar, Trechter, Ripperger & Roth

When you need help with probate, the Trinidad & Pueblo probate attorneys at Gradisar, Trechter, Ripperger & Roth are ready to provide you with the highest quality legal services.

To learn more about our superior legal services and how we can assist you, contact us by calling (719) 556- 8844 or by emailing us using the contact form on this page.

From our offices based in Pueblo, we represent clients in Trinidad, La Jara, Lamar, Walsenburg, Alamosa and throughout the state of Colorado.

Categories: Colorado Probate