Probate inventory is the formal list of a decedent's probate assets and their estimated values, prepared by the personal representative and filed with the probate court as part of estate administration. The inventory typically includes real estate, bank accounts, investment holdings, personal property, and business interests that do not pass by beneficiary designation or joint ownership. Valuations may be based on appraisals, account statements, or other documentation. The inventory provides transparency for beneficiaries and creditors and forms the basis for calculating probate fees, taxes, and final distributions. Non-probate assets like life insurance with named beneficiaries are usually listed only for informational or tax purposes, not as part of the probate estate.

In practice, attorneys guide personal representatives through the process of compiling probate inventories, while financial advisors supply account statements, policy information, and beneficiary details. Advisors may help clarify which assets are probate versus non-probate and assist with obtaining date-of-death values. Comprehensive probate inventories can highlight planning gaps, such as accounts that lack beneficiary designations or property titles inconsistent with the estate plan. These lessons inform future planning for surviving spouses and heirs, who may wish to restructure their own assets to simplify future administration. Understanding probate inventories also helps advisors explain why certain documents and valuations are requested after a client's death.