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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteTo calculate an estate’s value, inventory the property, determine what share belonged to the person who died, estimate each item’s value on the date required for your task, and total the included shares. Keep debts separate from asset values. The result is a working estimate—not automatically the probate estate, the amount beneficiaries receive, or the federal taxable estate.
Start with an inventory, not a single number
Gather records that identify property and ownership: deeds, vehicle titles, account statements, insurance records, and trust or beneficiary documents. List accounts and properties separately. Note valuable personal items individually rather than burying them in a general household-goods estimate.
The California Courts guide calls this process “How to inventory and estimate the value of items.” It advises recording ownership and beneficiary information and says, “The value is your best estimate of the fair market value of the item when the person passed away.” That is practical guidance for an initial inventory, not a nationwide rule for every probate or tax calculation. California Courts: Inventory and estimate property value.
Property to look for
- Real estate and other land interests
- Bank, investment, and retirement accounts
- Life insurance policies and any relevant beneficiary information
- Vehicles
- Household and personal property, including jewelry, collections, or other valuable items
- Business interests and property held in a trust
This is a checklist for investigation, not a definitive list of what must be included in every jurisdiction’s probate estate or a federal tax return.
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Count the decedent’s ownership share
Do not assume the full value of an asset belongs in the calculation simply because the person’s name appears on it. Record whether property was separately owned, jointly owned, community property, or held in a trust. Check deeds, account records, beneficiary designations, and survivorship arrangements. The decedent’s share—and whether an asset passes outside probate—depends on the ownership and transfer terms and applicable law.
For example, if a home has multiple owners, record its estimated total value and the decedent’s ownership share separately. Do not treat the entire property value as the decedent’s share without confirming the title and governing rules.
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Use the valuation date required for your purpose
For a practical California probate inventory, the California Courts guide uses the value at death. Federal Form 706 generally uses fair market value on the date of death, subject to limited elections and special rules. Other court filings and state requirements may differ, so confirm the rule for the jurisdiction and task.
| Valuation approach | When it applies | What to record |
|---|---|---|
| Date-of-death value | General federal Form 706 rule; also used in the California Courts’ practical probate inventory guidance | The asset’s supported estimated value on the date of death |
| Alternate valuation | A federal Form 706 election may be available if its conditions are met; it cannot be used only for selected property and generally must reduce both gross estate value and the relevant estate and GST tax | For property disposed of within six months, value on the disposition date; for property still held, generally value six months after death |
Because the alternate valuation election has restrictions, it is not simply a choice to use whichever date produces a lower value for an individual asset. The IRS instructions also describe special-use valuation for qualifying farm or closely held business real property. Check the instructions for the applicable year and obtain tax advice before relying on an election. IRS Instructions for Form 706.
Estimate values and keep supporting records
For an initial inventory, use account statements, transaction records, comparable market information, and other reasonable evidence available for the relevant date. For each line item, document:
- A description of the asset
- Its total estimated value and the decedent’s ownership share
- The valuation date
- The record, estimate, or other source supporting the value
Real estate, securities, closely held businesses, valuable collections, and other difficult-to-value property may warrant a qualified appraiser. The IRS Form 706 instructions call for descriptions and valuation support on relevant schedules and instruct filers to attach appraisals used on a return. A household estimate can help organize the estate, but it is not a substitute for valuation evidence required in a court proceeding or tax filing.
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- My Personal Information
- My Medical Information
- Key Contact Information
- At the Time of My Passing
- My Dependents
Keep debts separate from gross asset values
Record mortgages, liens, and other debts in a separate section rather than silently subtracting them from asset values. This makes the gross property total visible and lets the person preparing the probate accounting or tax return apply the correct treatment. Federal Form 706 distinguishes mortgage situations based on whether the estate is liable for the debt; that tax-return treatment should not be assumed to govern every probate inventory or distribution.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Add the shares for the total you need
For a working inventory, add the values of the included assets using the decedent’s ownership shares. Keep the gross asset total and liabilities visible as separate figures. That arithmetic provides an organized estimate, but it does not by itself determine the probate estate, taxable estate, deductions, or beneficiaries’ eventual shares. Those outcomes depend on ownership, transfer arrangements, applicable law, and—in tax matters—specific inclusion and deduction rules.
Do not confuse an inventory with the federal taxable gross estate
A probate inventory helps identify property for administration under applicable state law. Federal Form 706 is an estate tax return with its own inclusion, valuation, deduction, and filing rules; the taxable estate is not simply the sum of a family’s inventory. An asset may require consideration for federal tax purposes even when it does not pass through probate, so do not use “probate estate” and “gross estate” interchangeably.
Federal Form 706 filing threshold for 2026
The IRS’s 2026 Form 706 instructions say that estates of U.S. citizens or residents generally meet the federal filing threshold when the gross estate, adjusted taxable gifts, and specific exemption exceed $15,000,000. A portability election is a separate reason to file. This is a year-specific federal filing test—not a general cutoff for probate, state estate taxes, or every estate calculation. Confirm the instructions for the decedent’s year of death and check for state filing requirements. IRS Instructions for Form 706.
When to get professional help
- Consider a qualified appraiser when property is specialized, valuable, or difficult to price reliably.
- Consult an estate attorney when ownership, survivorship, trust terms, probate requirements, or the decedent’s share is uncertain.
- Consult a tax professional when preparing Form 706, evaluating an alternate valuation election, or determining federal or state filing obligations.
An estate inventory workbook can organize descriptions, ownership, values, and records, but it does not establish market value or replace local court forms. The California Courts guide and IRS instructions provide task-specific direction; use the rules that apply to the decedent’s jurisdiction and reporting purpose.
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