What is an Inventory and Appraisal?

• A. An Inventory and Appraisal is a sworn statement listing all assets of the estate, their values, and is filed with the court to provide an asset listing for distribution and tax purposes.
• B. A petition to begin probate.
• C. A list of creditors.
• D. A statement of final accounts.

Answer: (A)

An Inventory and Appraisal is the sworn statement that lists every asset of the estate and its value, filed with the Surrogate's Court after the executor or administrator is appointed. It provides a complete snapshot of what the estate owns, including real property and personal property, with appraised values where needed. This document guides how assets will be distributed and helps with tax reporting, giving the court and beneficiaries a clear, documented picture of the estate’s assets. It is not the petition to begin probate, nor merely a list of creditors, nor the final accounting—each of those serves a different purpose in the probate process.