After the Executor has been appointed over the Estate of a Deceased, they have a duty to prepare and file a list of the decedent’s assets as of the date of death with the Probate Court. The list of the decedent’s assets is placed on a Court Form called an Inventory and Appraisal.
The Inventory and Appraisal will include everything owned by the decedent at the date of death, plus everything which was owing to the decedent at the time of death (such as unpaid wages, income tax refunds, etc.) The Inventory and Appraisal will be used for tax determination and will be filed with the court to indicate the value of the estate assets.
If the Decedent’s assets need to be valued or appraised, such as real estate or stock, a Probate Referee will be appointed by the court to appraise the rest of the property. The Probate Referee appraises all property in the estate, except for "cash" type items.
The Inventory and Appraisal must be filed with the Court no later than four months after the court issues Letters Testamentary or Letters of Administration.