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Inventory & Appraisement Process in Pennsylvania

What Executors Must Do to Document and Value Estate Assets Correctly

Once an estate is opened, the executor must complete a formal inventory that lists all estate assets and assigns accurate values. This step is required under Pennsylvania probate law and is used for inheritance tax, estate planning, and final distribution. This guide explains the full process clearly and simply.

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Understanding Inventory & Appraisement in Pennsylvania

The inventory is the official record of everything the deceased owned at the time of death. Executors must list assets, assign fair market values, and submit the completed inventory to the Register of Wills. Accurate valuation is essential for inheritance tax calculations and proper distribution of the estate.

Key elements include:

  • Identifying all probate assets

  • Assigning fair market value or appraisal value

  • Completing the REV-1500 or estate inventory form

  • Filing deadlines with the Register of Wills

  • Valuing real estate, personal property, and financial accounts

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Common Challenges With Inventory & Appraisement

  • Difficulty identifying all estate assets

  • Confusion about whether certain items are probate or non-probate

  • Not knowing when a professional appraisal is required

  • Incorrect valuation of real estate or personal property

  • Failing to meet filing deadlines

  • Missing bank accounts or overlooked investments

  • Not understanding how valuations affect inheritance tax

Why This Matters

Incorrect or incomplete inventories can lead to delays, tax penalties, disputes between beneficiaries, or personal liability for the executor. A clear process ensures accuracy, compliance, and faster estate administration.

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Pennsylvania Inventory & Appraisement Process Explained

Step 1:

Identify All Probate Assets

List real estate, vehicles, bank accounts, investments, business interests, and personal property.

Step 2:

Determine Which Assets Require a Professional Appraisal

Real estate, valuable collections, antiques, or business assets often require formal valuation.

Step 3:

Assign Fair Market Value to Each Item

Use bank statements, brokerage values, appraisal reports, and comparable sales.

Step 4:

Complete the PA Inventory Form (REV-1500 or County Form)

This form lists all assets and values for the Register of Wills and inheritance tax filing.

Step 5:

File the Inventory With the Register of Wills

The inventory must be filed by the deadline—typically within 9 months of death.

Step 6:

Provide Copies to Beneficiaries (If Required)

Some counties require notification; others only require court submission.

Step 7:

Use the Inventory for Tax, Distribution, and Accounting

The inventory forms the basis for inheritance tax, final accounting, and estate closure.

How PA Probate Help Assists With Inventory & Appraisement

We help executors begin probate confidently and avoid mistakes during the earliest and most important step of the process.

Benefits:

  • Guidance on identifying and valuing all probate assets

  • Support determining what requires professional appraisal

  • Help completing the inventory form accurately

  • Assistance meeting filing deadlines

  • Clear explanations of tax impact and distribution requirements

  • Step-by-step direction through all probate valuation tasks

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Want Personalized Guidance for Your Situation?

Accurate inventories protect executors from disputes and tax issues. We can help you determine what must be listed and how assets should be valued.

Related Probate Guides in Pennsylvania

These detailed guides explain the most important steps within the Pennsylvania probate process. Each resource provides a deeper look at specific requirements, documents, and procedures that every executor should understand.

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Frequently Asked Questions

What is the inventory in a Pennsylvania estate?

The inventory is the official list of all probate assets and their values for the estate. It is required for inheritance tax, accounting, and distribution.

When is the inventory due in Pennsylvania probate?

The inventory must be filed within 9 months of the decedent’s death. Some counties may require earlier submission depending on case activity.

Do all assets go on the Pennsylvania inventory form?

Only probate assets go on the inventory; non-probate assets are excluded. Examples include joint accounts, POD accounts, and life insurance with beneficiaries.

Do I need an appraisal for estate assets in Pennsylvania?

You need an appraisal if an asset’s value cannot be determined easily or requires expert evaluation. Real estate, collections, and business interests often need formal appraisal.

How do I determine fair market value for estate assets?

Fair market value is based on what a willing buyer would pay on the date of death. Bank balances, appraisals, comparable sales, and statements are used.

What form is used for the Pennsylvania estate inventory?

Executors typically use the county Inventory Form or the REV-1500 inventory schedule. Requirements vary by county.

What happens if I submit an incorrect or incomplete inventory?

Incorrect inventories can delay probate, cause tax issues, or create disputes between beneficiaries. Executors may need to file an amended inventory.

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Need Help Navigating Pennsylvania Probate?

If you’re serving as an executor or helping manage an estate in Pennsylvania, you don’t have to figure everything out alone. Getting the right guidance early can help prevent delays, disputes, and costly mistakes.

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