In a Wisconsin probate, the Inventory of Assets is a required filing that lists everything the deceased owned at death that is subject to probate. It’s one of the most important early steps because it establishes the estate’s value, guides how debts get paid, informs beneficiaries, and sets the foundation for distributions. Think of it as a dated snapshot of the estate at the moment of death.
Only probate assets belong in the inventory—items owned solely by the decedent without a beneficiary designation or joint owner. Common probate assets include real estate titled in the decedent’s sole name, bank accounts without POD/TOD designations, vehicles titled solely to the decedent, investment accounts without beneficiaries, personal property such as furniture, jewelry, and collectibles, and business interests that do not transfer outside probate. Non‑probate assets should not be listed: these include life insurance with named beneficiaries, retirement accounts with beneficiary designations, jointly held property with survivorship, POD/TOD accounts, and assets already titled in a revocable living trust.
Preparing the inventory starts with gathering records. The personal representative collects bank and brokerage statements, deeds and property tax records, vehicle titles, insurance policies, retirement account statements, business ownership documents, and personal financial files. A thorough search matters—overlooked assets can delay or complicate administration.
Next, determine each item’s date‑of‑death value, not today’s value. For financial accounts, this is usually the balance on the date of death. Real estate often requires a professional appraisal or market analysis, as tax assessments may not suffice. Vehicles are typically valued using market guides. Personal property can sometimes be reasonably estimated, unless particular items are valuable. Business interests often require a professional valuation by an appraiser or accountant.
Classify property clearly because classification affects taxation, distribution, and creditor claims. The inventory should distinguish real property (real estate), personal property, intangible property (accounts and investments), and business interests. With values and classifications in hand, prepare the formal inventory in the court‑approved format or a comparably structured listing. It generally includes the case caption, a description and date‑of‑death value for each asset, the total estate value, and the personal representative’s signature; note that some counties may have formatting preferences.
File the inventory within the statutory deadline—commonly within six months of appointment unless the court grants an extension—and serve copies to interested persons if required. Failure to file can lead to court orders compelling compliance and, in extreme cases, removal of the personal representative. If new information surfaces, the inventory can and should be amended or supplemented; this is common when forgotten accounts, old retirement plans, mineral rights, real estate, refunds, or settlements emerge later.
The inventory’s importance runs through nearly every part of probate. Creditors look to estate value to gauge recovery. Beneficiaries use it to understand what exists. Judges rely on it to monitor proper administration. And valuation affects income or estate tax reporting. Common mistakes include listing non‑probate assets (such as joint accounts, trust assets, or beneficiary‑designated accounts), using incorrect or outdated market values or skipping appraisals for real estate, missing assets like insurance proceeds or digital and retirement accounts, and providing inadequate documentation or unclear property descriptions.
A practical example helps: if someone dies owning a home in Madison in their sole name, a checking account with no beneficiary, a vehicle titled only to them, a 401(k) with a named beneficiary, and a joint savings account, the inventory would include the home, the checking account, and the vehicle—but not the 401(k) or the joint savings account, which are non‑probate. Bottom line: preparing a Wisconsin probate inventory means identifying only probate assets, determining accurate date‑of‑death values, classifying property correctly, and filing the formal document on time. It’s a foundational step that defines exactly what is subject to probate administration and ultimately what can be distributed to heirs.
Contact our Madison, Wisconsin estate planning attorneys if you would like to learn more. We are happy to help!