Probate Inventory Made Simple: Listing Assets the Right Way in NC
If you are the executor or administrator of an estate in North Carolina, one of your first and most stressful jobs is completing the probate inventory. Families often ask if they really have to list every single asset. They worry about how detailed they need to be, how to value things fairly, and what happens if something is missed. Many executors are afraid of making mistakes which could delay the probate process or create extra costs.
This guide explains what the law requires, what goes into the inventory, and how to catalog and value assets in a way that keeps the estate on track. You will also see common pitfalls and simple steps you can take to make the process smoother.
Do I Have to List Every Asset in a North Carolina Probate Inventory?
Yes. North Carolina law requires the personal representative to file a complete inventory of the estate. Every asset which the deceased owned on the date of death must be listed. The inventory must give a clear description, the location of the asset, its fair market value as of the date of death, and, if the asset was jointly owned, the percentage interest which belonged to the deceased.
That said, certain everyday personal items with very little to no resale value like used furniture, clothing, or dishware are often excluded. These items may not need to be listed unless there’s a chance they could cause conflict among heirs. When in doubt, it’s often better to include an item than risk disputes later. The inventory becomes the foundation for everything else that happens in probate.
The probate inventory is not optional. It is a sworn document filed with the Clerk of Superior Court. It becomes the foundation for everything else that happens in probate.
Deadline for Filing the Probate Asset Inventory in NC
The inventory is due within three months (90 days) after you qualify as personal representative. You will file it on Form AOC-E-505, the official North Carolina probate inventory form.
Probate Inventory Checklist for Executors in North Carolina
When you prepare the probate inventory, it helps to have a reminder list of the types of assets which often need to be included. Executors frequently forget smaller or less obvious items, which can cause delays later. Use this list as a starting point when gathering information for the AOC-E-505 form.
In North Carolina, the probate estate inventory list should include these if applicable:
- Real estate, including the home, land, vacation property, rental property, and timeshares
- Bank accounts in the decedent’s name, including checking, savings, CDs, and money market accounts
- Investment accounts, stocks, bonds, and brokerage accounts
- Retirement accounts which do not have a named beneficiary (IRAs, 401(k)s)
- Life insurance proceeds payable to the estate, rather than to a beneficiary
- Vehicles, boats, motorcycles, RVs, and trailers with titles
- Business interests such as ownership shares, LLC membership, or partnership rights
- Household contents, furniture, jewelry, tools, appliances, and electronics which either have real resale value or are mentioned in the will.
- Collectibles such as art, antiques, firearms, rare coins, and stamp collections
- Cash on hand, undeposited checks, or refunds due
- Safe deposit box contents, which must be inventoried either with the clerk present or through an approved alternative such as having the personal representative present while the bank records the opening and inventory process on video.
- Digital assets, including online payment accounts, cryptocurrency, and online investment platforms
- Prepaid funeral contracts, cemetery plots, or burial rights
- Accounts payable to the estate, such as rent owed, outstanding loans, or promissory notes
- Unclaimed property listed with the North Carolina Treasurer’s NCCash program
- Any other assets.
Not every estate will include all of these categories, and some will have additional types, but reviewing this checklist’s items one by one helps prevent oversight and mistakes.
What are the Main Probate Inventory Requirements?
Some counties require an appraisement filed alongside the inventory. In that case, three impartial appraisers must be sworn in to value the assets. This is often required when the estate includes unusual or high-value property.
The clerk may request documents to back up the values you report. Bank statements, deeds, appraisal reports, and account signature cards are common examples. Having these ready helps avoid delays.
If you later discover assets which were not included in the original filing, you must promptly file a supplemental inventory. This is common. Executors often find forgotten accounts, savings bonds, or even property deeds months after probate begins.
Step by Step: How to Catalog and List Assets in a North Carolina Probate
1. Get your authority. After you qualify as a personal representative, the court will issue you Letters Testamentary (if there was a will) or Letters of Administration (if there was no will). These give you legal authority to act for the estate.
2. Locate the assets. Go through the deceased’s mail and paperwork. Look at bank records, tax returns, and safe deposit boxes. Check with employers about retirement accounts. A credit report can help you find hidden or forgotten accounts.
3. Categorize the assets. The AOC-E-505 form separates property into groups. These include accounts held in the deceased’s sole name, joint accounts without survivorship, securities, cash or checks, personal property, real estate, and any other property which can be recovered for the estate.
4. Assign fair market values. Use bank statements to show account balances on the date of death. For real estate, use a tax value or a current appraisal as of that date. For vehicles, you can use a Kelley Blue Book report. For household property or collectibles, you may need an appraisal or a reasonable estimate. Using professional appraisals for high-value or hard-to-value items can prevent challenges later.
5. Prepare supporting documents. Collect deeds, account records, appraisals, and anything else which verifies the values you list. Submitting these with your inventory can prevent questions later.
6. File with the clerk. Turn in the inventory, along with any required appraisement, to the Clerk of Superior Court in the county where the estate is being handled. You must do this within 90 days of your appointment.
7. Keep communication clear. Provide copies to heirs if appropriate and keep records of what you filed. This transparency can help reduce family disputes and prevent suspicion that something was left out.
The best way to avoid probate delays is to start early. As soon as you are appointed as personal representative, begin gathering documents and organizing the decedent’s records. Every county in North Carolina may have small differences in how the forms are handled, so it is wise to ask questions at the clerk’s office.
Challenges and Pitfalls in a North Carolina Probate Inventory
Many executors run into problems they did not expect when filing a probate inventory in North Carolina. Missing the ninety-day deadline is one of the biggest issues. The clerk can impose penalties or even remove you as executor if you are late, so asking for an extension ahead of time is the safer approach.
Overlooked or undiscovered assets also cause trouble. Forgotten bank accounts, savings bonds, or even a safe deposit box often appear after the inventory has been filed. Digital property such as PayPal balances, crypto, or online investments can be missed as well, and if not added through a supplemental inventory, the estate may be delayed.
Valuation is another hurdle. Assets must be reported at fair market value on the date of death. Real estate, stocks, and cryptocurrency can be difficult to price, while jewelry, firearms, or antiques may need costly appraisals. Errors in valuation often lead to disputes among heirs. Joint accounts with survivorship create confusion too, since they pass outside probate and should not be listed in the main section of the inventory.
Documentation can also hold things up. Clerks often require deeds, account cards, or appraisal reports. Safe deposit boxes must be opened with the clerk present, and property in another state usually requires a separate probate there. Out-of-state executors may also need to appoint a Resident Process Agent and post a bond before filings are accepted.
Other pitfalls include Medicaid estate recovery claims, unclaimed property listed in the NCCash database, and simple paperwork errors like using the wrong form or forgetting to sign before a notary.
Combined, these issues explain why even uncontested probate can drag on. Careful preparation, thorough record keeping, and awareness of the probate rules help avoid costly mistakes and keep the process moving.
Answering Common Questions about Probate Inventory Requirements in NC
“What happens if I miss assets in probate NC?”
You must file a supplemental inventory. If you don’t, the court can hold the estate open longer and in some cases remove the personal representative.
“Do I list bank accounts in probate inventory NC?”
Yes. Accounts in the decedent’s name must be listed with balances on the date of death. Joint accounts with survivorship are noted separately.
“How to value household items for probate in NC?”
Most household items have no real value and don’t get listed on the inventory. For items which do have real value or sentimental value which might cause heirs to fight over them, list them at fair market value, meaning what they could sell for. Everyday items can be grouped, while valuables may need an appraisal.
“How to correctly report real estate in a probate inventory?”
Use the full legal description and fair market value as of death. Tax values or appraisals are often used as support.
“How detailed do I have to be for household stuff?”
If the household items don’t have any significant monetary value, you generally don’t need to list them in detail. In most cases, an estate sale is held, and the items that are actually sold go on the inventory. Items that aren’t sold but have sentimental value may be taken by family members and usually aren’t listed either. Everything else—like old furniture, clothes, or miscellaneous clutter—typically ends up in a dumpster and doesn’t need to be included. The inventory focuses on items of real value, not every fork and pillow.
“What counts as ‘date-of-death value’? Is tax value ok?”
The law requires fair market value on the date of death. Some clerks accept tax cards or appraisals to support that figure, but FMV is always the rule.
“Do I list non-probate assets (POD/TOD, survivorship accounts, insurance)?”
Yes, but they go in the separate sections of the form. They are not probate property unless needed to cover debts and claims.
“We found something after filing, now what?”
You must file a supplemental inventory and provide documents showing the asset and its value.
“Can I get more time for the 90-day inventory?”
Yes. You can ask the clerk for an extension by filing Form AOC-E-515 before the deadline.
“How do I handle the safe-deposit box?”
In North Carolina a safe-deposit box must be sealed and opened only in the presence of the clerk or a court representative, with an inventory made at that time, or through an approved process, such as with the personal representative present and the opening recorded on video by the bank.
“What about digital assets (email, crypto, cloud drives)?”
Access depends on what the decedent authorized and the company’s process. North Carolina follows the Revised Uniform Fiduciary Access to Digital Assets Act
(RUFADAA), which sets rules for handling digital property.
“We’re under the small-estate threshold, do we still need an estate ‘inventory’?”
If the estate qualifies for the small-estate process, you use an affidavit (Form AOC-E-203B) instead. That affidavit still requires a list of property but is a streamlined version.
“Do I list every spoon?”
Household property can be grouped reasonably.
“Can I amend a probate inventory?”
You can and should amend if new assets appear.
“Do I put mortgages, or just net equity?”
Property is listed at gross fair market value without subtracting mortgages.
“How do I value a 15-year-old car?”
Vehicles can be valued with Kelley Blue Book or an appraisal.
“We found a forgotten account; what now?”
Forgotten accounts require a supplemental inventory.
Filing a probate inventory in North Carolina is one of the most important steps in settling an estate. Executors must gather every asset, assign fair market values, and meet the strict ninety-day deadline. Mistakes, missing items, or late filings can slow the process and add unnecessary costs. With careful organization and the right guidance, you can complete the inventory accurately and keep the estate on track.
If you are an executor or family member facing probate in North Carolina, you don’t have to handle it alone. Book a free 15-minute initial consultation to get clear answers and a path forward.
