In Wisconsin, a probate inventory must identify and value all property that is part of the decedent’s probate estate at the time of death. The requirement is governed by Wisconsin Statutes § 858.01 and functions as a full snapshot of the probate estate as of the date of death (or an allowed alternative valuation date), listing each asset and its fair market value.
A proper inventory typically includes real property (real estate titled solely in the decedent’s name and the decedent’s fractional interests in jointly owned real estate that do not pass by survivorship); financial accounts (bank accounts in the decedent’s name only, brokerage and investment accounts without payable‑on‑death or transfer‑on‑death designations, and cash on hand); personal property (vehicles, jewelry, artwork, collectibles, household furnishings, and personal effects); business interests (sole proprietorship assets, partnership interests, shares in closely held corporations, or LLC membership interests); intangible property (stocks and bonds, promissory notes or loans owed to the decedent, and intellectual property rights, if applicable); and miscellaneous probate assets (refunds owed to the estate, unpaid wages or commissions, and any other assets that do not pass automatically outside probate).
Non‑probate assets should not be included. These typically include life insurance with a named beneficiary, retirement accounts with designated beneficiaries (e.g., IRAs and 401(k)s), joint tenancy property with right of survivorship, POD/TOD accounts, and assets held in a revocable trust, because they pass outside probate. For each asset that is included, the inventory should provide a description sufficient to identify it, the fair market value at the date of death (or permitted alternate valuation date), and the ownership interest if the decedent owned only a share. Valuations may be supported by appraisals (for real estate and collectibles), bank or brokerage statements, market value estimates for vehicles and personal property, and other reasonable documentation.
Inventories often include additional practical details, such as partially redacted account numbers, the location of property, the method of valuation used, and whether assets are subject to liens or encumbrances. The inventory serves multiple purposes: establishing the total value of the probate estate, protecting beneficiaries and creditors, providing transparency in administration, and serving as a baseline for accounting and distribution
If an inventory is incomplete or inaccurate, the court may order it corrected, and the personal representative may face removal or financial liability (surcharge) for losses caused by misreporting. In short, the Wisconsin probate inventory must include all probate assets, listed with defensible date‑of‑death values and sufficient identifying details, and it stands as the foundational financial statement for estate administration.
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!