How to Create a Probate Estate Inventory in Maryland

Comprehensive Guide

What Assets Need to Be Included?

Everything the deceased owned or had an interest in at the time of death should be included. Maryland law takes a broad view of what counts as an estate asset, so the rule of thumb is: if in doubt, include it.

Real Property

• Primary residence
• Vacation homes
• Rental properties
• Commercial property
• Vacant land
• Properties held in trust (if the estate has an interest)

Financial Accounts

• Bank accounts (checking, savings, CDs)
• Investment accounts (brokerage, mutual funds)
• Retirement accounts (401k, IRA, pension) — these may pass outside probate
• Life insurance proceeds payable to the estate

Personal Property

• Vehicles (cars, trucks, motorcycles, boats)
• Furniture and household items
• Jewelry and watches
• Artwork and collectibles
• Electronics
• Tools and equipment
• Clothing

Other Assets

• Business interests (LLC membership, partnership interests)
• Money owed to the deceased (notes receivable)
• Tax refunds due
• Lawsuit proceeds pending at time of death
• Digital assets (cryptocurrency, online accounts with value)

How Do I Determine the Value of Estate Assets?

Maryland law generally requires assets to be valued at their fair market value on the date of death. This is known as the "date of death valuation."

For real estate:

• Order a professional appraisal, or
• Use a comparative market analysis from a licensed Realtor

The date-of-death value also establishes the stepped-up basis for capital gains tax purposes, making an accurate valuation doubly important for the heirs who eventually sell the property.

For financial accounts:

• Use the account balance on the date of death
• Request statements from the financial institution

For personal property:

• Use fair market value (what it would sell for), not replacement cost
• For items of significant value, consider a professional appraisal
• Common household items can be grouped and estimated

What Date Should Be Used to Value Assets?

The date of death is the standard valuation date. In some cases, an alternate valuation date (six months after death) may be used if it reduces the estate's total value for tax purposes. Your probate attorney and CPA can advise on which date is more advantageous for your specific situation.

For a deeper look at how these timelines work, read our guide on how long probate takes in Maryland.

What Financial Accounts Should Be Included?

Include all accounts owned solely by the deceased at the time of death:

• Checking and savings accounts
• Certificates of deposit
• Money market accounts
• Brokerage accounts
• Bonds and notes
• Business interests

Note: Accounts with named beneficiaries (like life insurance or retirement accounts with a designated beneficiary) generally pass outside probate and may not need to be included in the estate inventory. However, if the beneficiary is the estate itself, those funds are part of the probate estate. This distinction matters because it directly affects whether those assets are subject to estate debts and creditor claims.

Learn more about the essential responsibilities of a Personal Representative for a complete picture of what the role entails.

What Records Should the Personal Representative Keep?

Maintain detailed records of:

• All income received by the estate (rent, interest, dividends)
• All expenses paid (mortgage, insurance, utilities, repairs)
• All distributions made to heirs
• All tax filings and receipts
• All correspondence with creditors
• All appraisals and valuations

These records are required for the estate accounting that must be filed with the Register of Wills before the estate can close. Without organized records, the final accounting becomes a scramble to reconstruct what happened over months or years of estate administration.

For a full overview of what documents you will need, see our guide on documents required to sell an inherited house in Maryland.

When Should the Inventory Be Completed?

Maryland law requires the inventory to be filed within three months of the Personal Representative's appointment. In practice, start gathering information immediately after appointment so you can file on time. The three months go quickly, especially when you are waiting for financial institutions to provide account statements and for appraisers to complete their work.

The inventory is one of the first major deadlines in the probate process. Missing it can result in court sanctions and delays in closing the estate, and it can create unnecessary friction with the Register of Wills office that makes every subsequent step harder.

If you are selling a probate property as part of the estate administration, our guide to selling a probate house in Maryland covers what you need to know about court approval, pricing, and working with heirs.