Yes. In Wisconsin, a Personal Representative (PR) is generally required to prepare an inventory of the decedent’s probate estate assets and, in many cases, to file it with the court, with the governing statute being Wisconsin Statutes § 858.01. The PR must identify all probate assets owned at death, determine their fair market value as of the date of death (or an alternative valuation date if permitted), and prepare a written inventory. Typical items include real estate titled solely in the decedent’s name, bank and brokerage accounts without beneficiary designations, personal property such as vehicles, jewelry, and household items, and business interests or other probate assets.
Filing requirements depend on the type of administration. In formal probate, the PR must file the inventory with the court so it becomes part of the official record and can be reviewed by interested persons. In informal probate, the PR may still be required to prepare an inventory, but filing is not always required unless requested by the court, demanded by an interested person, or required by local practice or order; even if not filed, it must be available for inspection by interested parties. As for timing, Wisconsin law generally expects completion within a statutory period after appointment which is commonly about six months unless the court extends or waives the deadline for good cause.
The inventory requirement can be reduced or waived in some circumstances, such as when all interested persons agree, the estate is very small or straightforward, the court finds full filing unnecessary, or alternative procedures are used in a simplified administration. Even if formal filing is waived, the PR still has a duty to accurately identify and value assets. The inventory serves several purposes: establishing the estate’s value, protecting beneficiaries and creditors, providing transparency in administration, and creating a baseline for later accountings and distributions.
If a PR fails to prepare or file an inventory when required, the court may order compliance, restrict the PR’s authority, remove the PR, or impose sanctions or a surcharge if harm results. In summary, a Wisconsin PR must prepare an accurate inventory and, particularly in formal probate, file it with the court, with failure to do so risking court intervention under Wisconsin Statutes § 858.01.
If you would like to discuss this matter more thoroughly, please reach out to our Madison Wisconsin Estate Planning attorneys. We are here to help!