Key Takeaways

• The inventory and appraisal is the personal representative’s official list of everything the estate owns, with each asset’s value as of the date of death.
• It must generally be filed within four months of the representative’s appointment.
• The representative values cash-type assets themselves; a court-appointed probate referee appraises the rest.
• It sets the fee base for statutory compensation and the baseline for the final accounting.
• Getting it complete and accurate matters — omissions and errors cause delay and can raise questions later.

What the Inventory and Appraisal Is

Early in administration, the personal representative has to answer a basic question for the court and the beneficiaries: what does this estate actually own, and what is it worth? The answer is the inventory and appraisal — a formal document listing every asset that’s part of the probate estate, with a value assigned to each as of the date of death.

It’s a cornerstone of the case. It tells everyone what’s being administered, sets the value on which statutory fees are calculated, and becomes the baseline against which the representative later accounts for what happened to the assets. A sloppy or incomplete inventory ripples through the rest of probate.

What Goes In — and What Doesn’t

The inventory covers the probate assets — the property being administered through the court. That generally includes real estate held in the deceased person’s name, bank and brokerage accounts in their name alone, vehicles, business interests, valuable personal property, and money owed to them.

It generally does not include non-probate assets — property in a living trust, joint-tenancy property, or accounts with a named beneficiary — because those pass outside probate and aren’t part of the estate the representative administers. Knowing the difference is its own skill; our guide on what assets are subject to probate breaks it down.

The inventory separates assets into categories, notably the cash-type items the representative can value alone versus everything else, which the referee appraises.

The Four-Month Deadline

California expects the representative to file the inventory and appraisal within four months of being appointed (the court can extend this for good cause). It’s one of the earlier hard deadlines in administration, and missing it without explanation can draw the court’s attention or, in serious cases, support removal.

Practically, the four-month window pushes the representative to promptly track down accounts, locate documents, get the real estate appraised, and assemble a complete picture early — which is exactly what good administration requires anyway.

Who Values the Assets: The Probate Referee

Valuation is split between the representative and a probate referee:

• The representative appraises the straightforward cash-type items — bank accounts, money, and similar assets whose value is obvious.
• The probate referee — a neutral appraiser appointed by the court — values everything else: real estate, business interests, securities not actively traded, personal property, and the like.

This division keeps the representative from self-serving valuations on the assets where value is debatable. The referee’s appraisal also carries a statutory fee, calculated as a small percentage of the value appraised. Our guide on the probate referee explains the role and fee in detail.

Not sure what belongs on the inventory or how to value an unusual asset? Errors here echo through the whole case. Bay Legal can help you get it right. For guidance on your specific situation, call (650) 668-8000 or schedule a consultation at baylegal.com/contact.

Why Accuracy Matters

The inventory does more work than it looks like:

• It sets the fee base. Statutory compensation for the representative and attorney is calculated on the appraised value — on the gross value, before subtracting debts. So the inventory’s numbers directly drive the cost of probate.
• It’s the accounting baseline. At the end, the representative accounts for what happened to everything on the inventory. Assets left off, or mis-valued, create gaps that have to be explained.
• It protects the representative. A complete, well-documented inventory is evidence the representative did the job carefully — useful if anyone later questions their handling of the estate.

For all those reasons, the inventory rewards thoroughness. It’s tempting to treat it as paperwork, but it’s really the financial spine of the case.

Handling an estate with hard-to-value assets — a business, real estate, collectibles? Getting the appraisal right protects you as representative. For guidance on your specific situation, call (650) 668-8000 or schedule a consultation at baylegal.com/contact.

What Happens After Filing

Once the inventory and appraisal is filed, administration continues: the representative manages the assets, handles creditor claims, and eventually prepares the final accounting that reconciles back to the inventory. If new assets surface later, the representative files a supplemental inventory to add them. The inventory isn’t the end of valuation questions, but it’s the foundation everything else builds on.

How This Fits With the Rest of Probate

The inventory and appraisal follows appointment and Letters and feeds directly into the cost of probate (since it sets the fee base) and the final accounting. The probate referee does the heavy lifting on valuation. For the whole arc, see our complete guide to California probate.

Frequently Asked Questions

What is an inventory and appraisal in probate?

It’s the personal representative’s official list of everything the estate owns, with each asset valued as of the date of death — filed with the court early in administration.

When is the inventory and appraisal due in California?

Generally within four months of the representative’s appointment, though the court can extend the deadline for good cause.

Who appraises the assets in a California probate?

The representative values cash-type assets; a court-appointed probate referee appraises the rest — real estate, business interests, and other property whose value isn’t obvious.

Are trust assets included in the probate inventory?

No. The inventory covers probate assets only. Property in a living trust, held in joint tenancy, or with a named beneficiary passes outside probate and isn’t included.

Why does the inventory value matter so much?

It sets the gross value on which statutory attorney and representative fees are calculated, and it’s the baseline for the final accounting — so accuracy affects both cost and the representative’s accountability.