If you’ve been named executor of an estate in Utah, one of your first concrete legal tasks is creating a complete and accurate estate inventory. This isn’t just paperwork it’s the foundation for everything that follows: paying debts, filing taxes, and distributing property. Skip it, delay it, or get it wrong, and you risk personal liability, delays in probate, or disputes with heirs.

What exactly is the estate inventory in Utah?

The estate inventory is a sworn list of all assets owned solely by the deceased at the time of death plus their fair market value as of that date. It includes real estate (like a Salt Lake City home), bank accounts, vehicles, stocks, business interests, personal belongings worth more than $500 (e.g., jewelry, collectibles, firearms), and even digital assets with monetary value. Assets held jointly with rights of survivorship or with designated beneficiaries (like IRAs or life insurance) usually don’t go on the inventory unless the beneficiary predeceased the decedent or the asset defaulted into the estate.

When does the inventory need to be filed in Utah?

Under Utah Code § 75-3-706, the executor must file the inventory with the court within 90 days after being officially appointed by the court. That clock starts when you receive your Letters Testamentary not when the person passed away, and not when you first learned you were named executor. If you need more time, you can ask the court for an extension before the deadline, but don’t wait until day 89 to request it.

What happens if the inventory is incomplete or inaccurate?

Common mistakes include omitting assets (like old savings bonds or mineral rights), undervaluing items (e.g., listing a vintage guitar at garage-sale price instead of what a dealer would pay), or failing to update values when appraisals change. One executor in Davis County omitted a timeshare deed later discovered during a creditor claim and had to refile the entire inventory plus explain the omission to the court. Inaccuracies can also trigger IRS scrutiny later, especially if the estate’s final tax return relies on those same values. You’re personally responsible for accuracy, so treat each line item like evidence not a guess.

How do you value different types of assets?

Bank accounts and publicly traded stocks are straightforward: use the balance or closing price on the date of death. Real estate usually requires a licensed appraiser especially if the property is sold later, since the IRS may compare your inventory value to the sale price. For personal property, use recent sales data (e.g., completed eBay listings for similar antiques) or get a qualified estate appraiser. Don’t rely on tax assessor values for homes they reflect county assessments, not fair market value. And remember: you’ll need documentation for major valuations. Keep appraisal reports, brokerage statements, and photos of high-value items with your records.

Do you need to include debts or liabilities on the inventory?

No the inventory lists only assets. Debts (like credit card balances, medical bills, or mortgages) go on a separate accounting of claims, which comes later in the process. But knowing what debts exist helps you decide whether certain assets should be liquidated early to cover obligations. For example, if the estate owes $40,000 in unpaid care bills and has $35,000 in a checking account, you’ll likely need to sell something else so having accurate asset values up front matters.

Where does the inventory fit in the bigger picture of Utah probate?

The inventory is one of several required steps after court appointment. It follows the initial filing of the will and petition for probate, and it precedes notifying creditors, reviewing claims, and preparing the final accounting. You’ll also need the inventory values to complete the final income and estate tax returns, and to determine how much can be distributed without court approval under Utah’s small estate affidavit rules. If probate was already opened, you’re expected to follow through with this step as part of your ongoing legal obligations.

What paperwork supports the inventory?

You’ll file Form UC-150 (Inventory and Appraisement) with the district court where probate is pending. Along with it, submit supporting documents: appraisal letters, bank statements dated on the death date, vehicle titles, real property deeds, and any written valuations you relied on. Keep copies of everything. You’ll reference these again when preparing the distribution paperwork and the final accounting.

Next step: Get started now even if you’re still gathering details

Don’t wait for every document to arrive. Start a working spreadsheet today: list every known asset, note where title or ownership documents are stored (safe deposit box? home office file?), and flag items needing appraisal. Review the steps you’re required to take after court appointment, and mark the 90-day deadline on your calendar. If you’re unsure about valuing something or whether it belongs on the list talk to a Utah probate attorney before filing. A small amount of early guidance often prevents larger problems down the road.