This blog post is for informational purposes only and does not constitute legal advice; please consult a qualified attorney for guidance on your situation.
In California, when someone passes away or when a conservator has been appointed, the probate court requires a complete list of their assets, called an “Inventory and Appraisal,” to ensure everything is handled fairly and according to the law. This list includes everything the person owned—property, bank accounts, personal items, and debts. Here’s a straightforward breakdown of how to complete an Inventory and Appraisal in California probate court.
Step 1: Gather Information on All Assets
The first step is gathering details on all the assets the person owns. This includes:
Real Estate: Any land, houses, or other property, including deeds and property descriptions.
Bank Accounts: Checking, savings, and investment accounts—gather statements for each.
Personal Property: Jewelry, art, vehicles, collectibles, or anything valuable.
Business Interests: If the person had a business or shares in a business, list those details too.
Debts: Include any mortgages, credit card balances, loans, or other outstanding debts.
Each asset and debt must be documented accurately, including account numbers, estimated values, and descriptions.
Step 2: Complete the Inventory and Appraisal Form
In California, the form you need is called DE-160: Inventory and Appraisal. On this form, you’ll list each asset, and for assets that need appraising (like real estate or valuable collections), you’ll leave the value blank at first.
There are two main sections in the form:
Attachment 1: This is for “cash” assets, which don’t need an appraisal, like bank accounts or certain types of stocks.
Attachment 2: This is for items that need an official appraisal, like real estate, jewelry, or collectibles.
Step 3: Get a Court-Appointed Appraiser
For anything in Attachment 2, the probate court requires an official appraisal by a court-appointed appraiser called a *probate referee*. The probate referee will look at the items you listed in Attachment 2 and assign a value to each. To do this, you’ll send the completed form (with just the descriptions filled out) to the referee, who will then return it with the values added.
Step 4: Submit the Completed Form to the Court
Once the appraiser has returned the form with values, check everything for accuracy, and then sign and date it. You’ll submit the completed Inventory and Appraisal form (including all values and descriptions) to the probate court. This document gives the court and beneficiaries a clear picture of what the estate includes.
Why the Inventory and Appraisal Matters
The Inventory and Appraisal is essential for ensuring all assets are properly accounted for and distributed according to the will or, if there isn’t a will, according to California’s inheritance laws. By listing and valuing everything, you help create a fair and transparent process that protects the rights of everyone involved.
Creating an Inventory and Appraisal may seem detailed, but it’s manageable when broken down into steps. And if you need help, reaching out to a probate attorney can make the process much easier.
©Laurel Loomer, 2024
