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The inventory shall contain an account of all moneys that belong to the deceased and have come into the possession or under the control of the executor or administrator. If none has come into the possession or under the control of the executor or administrator, the fact shall be stated in the inventory.

An estate asset is property that was owned by the deceased at the time of death. Examples include bank accounts, investments, retirement savings, real estate, artwork, jewellery, a business, a corporation, household furnishings, vehicles, computers, smartphones, and any debts owed to the deceased.

Inventory values are used to determine the number of probate court fees. They also form the new cost-basis for probate assets passed onto the decedent's heirs. This is why you need to ensure the individual named as a personal representative in your will is responsible and capable of complying with the law.

An inventory in Ohio probate is a filing made with the Ohio probate court by the fiduciary, identifying the decedent's real property and the personal property that is to be administered and that has come into the fiduciary's possession or knowledge.

Inventory values are used to determine the number of probate court fees. They also form the new cost-basis for probate assets passed onto the decedent's heirs. This is why you need to ensure the individual named as a personal representative in your will is responsible and capable of complying with the law.

Final Accounting Once all matters of the probate estate have been finalized or are at the point of distribution of remainder to the beneficiaries, an accounting is required to be filed with the court and it is set for hearing. A copy of the accounting must be sent to all beneficiaries of the estate.

What Assets Skip Probate Entirely Property in a Revocable Trust, Real Estate Owned as Joint Tenants with a Right of Survivorship or Tenancy By the Entirety, Life Insurance Policies and Retirement Accounts with a Designated Beneficiary, Bank Accounts with Payable on Death (POD) or Transfer on Death (TOD) clause.

What Is Included On a Pennsylvania Estate Inventory? The personal representative must include on the inventory all real and personal estate of the decedent, except for real estate outside of Pennsylvania. An ancillary personal representative shall include only assets for which he or she is responsible.