AOC-E-204 Inventory Guide: Filing Estate Inventory Within 90 Days in NC

Filing an estate inventory can feel overwhelming when you’re grieving and facing court deadlines. But North Carolina’s AOC-E-204 form isn’t as intimidating as it looks once you understand each section and know where to find valuations. This guide walks you through the entire process, from gathering documents to filing via eCourts, so you can meet the 90-day deadline with confidence.

What Is the AOC-E-204 and Why Does It Matter?

The AOC-E-204 (Inventory for Decedent’s Estate) is the official form North Carolina executors must file within 90 days of court qualification. This form creates the first detailed snapshot of the estate’s financial picture and serves as the legal foundation for all subsequent probate administration.

North Carolina General Statute 28A-20-1 requires that you file an inventory “as soon as practicable,” and NCGS 28A-20-2 sets the specific deadline: 90 days from the date you qualify as executor, or 90 days from the date of death, whichever is later. The court may grant extensions if you request them, but you must ask before the deadline passes.

The AOC-E-204 serves three critical functions. First, it establishes what property is subject to probate administration versus what passes directly to beneficiaries by operation of law. Second, it creates a public record of estate assets (though certain information is redacted for privacy). Third, it sets the baseline for your accountability as executor. Missing or incomplete inventory filing can delay estate closure by four to six months and trigger beneficiary disputes.

Many executors panic around this form because they believe they must know exact values immediately after death. The reality is more forgiving: reasonable estimates are acceptable for many assets. You can file a supplemental inventory later if values change or new assets are discovered.

Who Must File the AOC-E-204?

The executor or administrator named in the will, or appointed by the court if the person died without a will, is responsible for filing the AOC-E-204. If you have co-executors, one typically files on behalf of both, though both remain legally responsible.

Under NCGS 28A-3-703, the executor’s duty to inventory estate property is non-delegable. If the estate’s assets are minimal, the court may waive inventory requirements, but this is rare. Check with your county clerk to see if a small estate exemption applies.

Step 1: Gather All Estate Documents and Identify Assets

Before you open the form, collect every financial document you can find. Set aside two to three weeks for this step and don’t rush. Start with these key documents:

• Death certificate (certified copy)
• Will and any trusts
• Bank statements from the six months prior to death
• Investment account statements
• Property deeds
• Vehicle titles
• Insurance policies
• Mortgage documents
• Business ownership certificates
• Tax returns from the prior year

A common mistake is starting the form before you’ve found all assets. Late discoveries mean filing supplemental inventories, which delays final accounting. If you’re struggling to locate accounts, check with the Social Security Administration (they can identify some financial accounts), search the National Association of Unclaimed Property Administrators (NAUPA) database, and comb through the deceased’s mail from the prior six months.

Create three simple columns: Asset Type, Location/Institution, and Estimated Value. This creates a working list before you tackle the official form.

Assets must fall into two categories. Probate property is subject to court administration and must appear in the inventory. This includes bank accounts titled solely in the decedent’s name, real estate held in the decedent’s name alone, vehicles titled in the decedent’s name, personal items (jewelry, art, furniture), and business interests without a successor clause. Non-probate property passes directly to beneficiaries by operation of law and does not appear in the inventory. This includes life insurance with a named beneficiary (other than the estate), retirement accounts (IRA, 401k) with a named beneficiary, property held as “joint tenants with rights of survivorship,” property in a revocable living trust, and securities with “transfer on death” designations.

NCGS 28A-20-1 specifies that the inventory must include “all estate property” but explicitly excludes non-probate transfers. Don’t spend hours looking for accounts you don’t need to list.

Step 2: Value Real Property (Homes, Land, Rental Property)

Real estate valuation is the form’s most substantial section. You have three standard methods: professional appraisal, county assessor value, or market analysis.

For estates over $500,000, hire a professional appraiser. The cost ($300 to $600 per property) is a proper estate expense and provides legal protection. For smaller estates, the county assessor’s value is usually accepted by the court. The AOC-E-204 form has a checkbox indicating which method you used, so the court knows your approach.

Here’s a practical example: A home was assessed at $280,000 for tax purposes but has a current market value of $450,000. The executor can file with $450,000 (supported by a real estate market analysis from a realtor or appraiser) and include a note on the form explaining the discrepancy.

For each property, list the full address, legal description (from the deed), date of death fair market value, the method of valuation you used, and any mortgages or liens. The AOC-E-204 shows gross value; mortgages and liens are listed separately. Net estate value is calculated in the final accounting, not the inventory.

A critical requirement under NCGS 28A-3-503 is that you provide the property address and legal description. If you don’t have the legal description, request it from the county register of deeds office. This is usually free and takes one to two weeks.

Step 3: Value Personal Property (Vehicles, Jewelry, Collectibles, Furniture)

Personal property valuations vary by asset type. For vehicles, use Kelley Blue Book (kbb.com) or NADA Guides (nadaguides.com). Enter the VIN, year, make, model, mileage, and condition (excellent, good, or fair). These tools are free and widely accepted by NC probate courts. A common mistake is using the original purchase price. A 2015 Honda Civic bought for $25,000 might have a current fair market value of $12,000 to $14,000. An executor who values a 2018 truck at $22,000 using KBB, prints the valuation report, and includes it with the AOC-E-204 filing strengthens the court’s confidence in the inventory.

Bank accounts and cash are the easiest assets to value. List the current balance as of the date of death (from bank statements). Include the account number, financial institution name, and any interest earned to the date of death. Crucial: interest earned after the date of death through probate should NOT be in the inventory; it belongs in the estate income section of the final accounting.

For jewelry, art, antiques, and collectibles under $5,000, use reasonable estimates based on similar items sold on eBay, Etsy, or from antique dealer estimates. Get email quotes from two or three dealers if possible. For items over $5,000, hire a professional appraiser. NC courts are lenient with personal property valuations if they’re reasonable and documented. An executor claiming a 1995 gold watch is worth $8,000 without support may face court questions; one claiming $2,000 with an appraiser’s letter is defensible.

Furniture and household goods present a different challenge. Unless the estate is particularly valuable or contains designer or antique pieces, executors typically estimate $100 to $500 per room or use an estate sale company’s pre-sale estimate. Photography of rooms can support your estimates.

Step 4: Value Financial Accounts and Investments

Bank accounts, savings accounts, and money market accounts should be listed with the account number, institution, and balance as of the date of death. Request a “statement as of date of death” from the bank; most provide this free within two to three weeks of your request and a certified death certificate.

For stocks and bonds held directly or through a brokerage, value them at fair market value on the date of death, not the date you’re filing. This is a critical distinction. Stock purchased at $50 per share and worth $75 on the date of death stays valued at $75, even if you file three months later and the stock is now $95 per share. Request a “valuation as of date of death” from the brokerage. Most statements show this automatically.

Retirement accounts (401k, IRA, Roth IRA) typically pass directly to named beneficiaries and are non-probate property. However, if there is no named beneficiary or the estate is the named beneficiary, they ARE probate property and must be included in the inventory at date-of-death value. Contact the plan administrator for valuations.

A common error is including retirement accounts in the inventory when a beneficiary is already named. Afterpath can help flag this mistake before you file.

Step 5: Value Business Interests, Rental Properties, and Complex Assets

Business valuation is complex and requires professional help. If the decedent owned a business (partnership, LLC, S-corp, or C-corp), do not guess at business value. Undervaluing a business can trigger IRS scrutiny and breach of fiduciary duty claims.

Professional business appraisers use three methods: income approach (capitalized earnings), market approach (comparable business sales), or asset approach (net assets). A detailed report typically costs $1,500 to $5,000 and is paid from estate funds, not your personal resources.

Rental properties should be valued separately using the same three methods for primary residence: appraisal, assessor value, or market analysis. Note any mortgages, liens, or tenant leases. NCGS 28A-20-1 requires rental properties to be listed with fair market value and any encumbrances noted separately.

Mineral rights, water rights, and easements are real property interests and must be valued. Contact a real estate attorney for guidance; valuation often requires specialized appraisal.

Digital assets are an emerging area. Cryptocurrency, online trading accounts, and digital collectibles should be valued at fair market value on the date of death. If you cannot locate a digital asset, document your reasonable efforts and note it as “status unknown” in the inventory. File a supplemental later if discovered.

Step 6: List Liabilities and Encumbrances

The AOC-E-204 form has a section for liabilities (debts). List all mortgages, car loans, credit card balances, and other debts owed by the decedent at the date of death.

An important note: the inventory shows gross value and gross liabilities separately. Net estate value is calculated in the final accounting, not the inventory. Here’s the correct approach: a house worth $400,000 with a $200,000 mortgage should be listed as a $400,000 asset, then list the $200,000 mortgage as a liability. Do not net them.

For mortgages, request a loan payoff quote from the lender (required for closing). Include any interest accrued to the date of death if the estate will pay interest during administration.

Credit card debt and personal loans require final statements from all issuers and lenders. Include balance, interest rate, and minimum payment.

Under NCGS 28A-3-601, executors must notify creditors and allow a period for claims. Debts are paid during probate from estate assets, not by beneficiaries.

If the decedent filed income tax returns, note any amounts owed. This is estimated until the final return is filed.

Step 7: Completing the AOC-E-204 Form: Line-by-Line Walkthrough

The form’s header requires the court name and county, case number (assigned at qualification), estate name (decedent’s name), and dates (estate opening date, date of death, filing date). NC courts use a unified case number system. Use the number assigned when you qualified as executor on all filings.

Part 1 covers real property. List each parcel separately with legal description (from deed or register of deeds), fair market value as of date of death, valuation method (appraisal, assessor, market analysis), any mortgage or lien balance (listed separately as liability), and comments (e.g., “Primary residence,” “Rental property,” “Vacant land”). Pro tip: print the deed and attach it to the filing. This provides supporting documentation and speeds court review. A common error is listing “the house on Elm Street” without legal description. The court will return the form for correction. Use the legal description from the deed or get it from the register of deeds.

Part 2 covers personal property, organized by category. The form provides sections for cash on hand, bank accounts, stocks and bonds, motor vehicles, household goods and furniture, jewelry and collectibles, and other property. For each item, note the description (bank name and account type, vehicle VIN and year, etc.), value, and supporting evidence (statement date, appraisal report, KBB valuation).

If the decedent had cash in a safe, safe deposit box, or home, list the amount and how you determined it (count of bills found, bank records showing withdrawal, etc.). Attach bank statements showing date-of-death balances. Courts appreciate this documentation.

Part 3 covers intangible property and receivables. Life insurance proceeds with a named beneficiary should be listed with notation “passes directly to beneficiary, non-probate.” Include accounts receivable (business debts owed to decedent), tax refunds due, and other non-tangible assets. If a life insurance policy names the spouse or specific beneficiary, it is non-probate property. If the estate is the beneficiary, it IS probate property and must be included with the policy death benefit amount.

Part 4 is for liabilities. List mortgages, liens, car loans, credit card debt, personal loans, property taxes owed, and income taxes owed. For each, note creditor name, account number (if available), balance as of date of death, and interest rate and accrued interest (if applicable). If you don’t have information on tax debt at filing time, note “amount to be determined” and file a supplemental inventory after the final tax return.

The executor (or one co-executor) must sign the form. You’re certifying under oath that the inventory is complete and accurate to the best of your knowledge. Some NC counties require notarized signatures; check with your county clerk on current requirements.

Common Filing Rejections and How to Fix Them

Missing legal descriptions for real property are the most frequent rejection. The court returns the form requesting the full legal description from the deed. Solution: obtain it from the register of deeds office or a law firm. This takes one to two weeks; file an amended inventory once you have it.

Values without supporting documentation also trigger returns. If a value seems unreasonable (e.g., a used 2010 car valued at $40,000), the court may request an appraisal or valuation report. Solution: attach KBB reports, appraisals, or certified appraisals to the filing.

Incomplete asset lists are common when executors discover assets after filing. File a supplemental inventory per NCGS 28A-20-4. Courts are lenient about supplemental filings if filed promptly (within 60 days of discovery). Delays in supplemental filings raise questions and signal to beneficiaries that you may have been disorganized.

Liabilities listed incorrectly causes returns. If you net liabilities against assets instead of listing both separately, the court will return the form. The AOC-E-204 form structure requires gross values. Solution: use the form’s liability section for all debts.

Missing account numbers and institution names are also rejected. Vague entries like “checking account at a bank” are unacceptable. Solution: list financial institution name, account type, and account number (last four digits for privacy) for each account.

Signature not notarized (if required by your county) causes rejection. Some NC counties require notarized signatures on the AOC-E-204; others do not. Check with your county clerk. Solution: have your signature notarized before filing if required.

eCourts Filing: Step-by-Step Submission

NC eCourts, built on the Tyler Odyssey platform, allows electronic filing of the AOC-E-204. Most NC counties now mandate eCourts filing for probate documents.

To access eCourts, you must register as an e-filer with the NC courts. Visit nccourts.org/efile to register. You’ll need an attorney name and number or non-attorney representative registration, and court username and password. NC allows executors and representatives to file eCourts documents without an attorney, but you must register separately with your county court. Some counties require completion of basic eCourts training.

For document preparation, convert the completed AOC-E-204 form to PDF. Include all supporting documents: deed excerpts, bank statements, appraisals, and valuation reports. Create a single PDF packet with clearly numbered pages.

Name the document “AOC-E-204 Inventory [Date]” or similar. eCourts will add document numbers automatically.

To submit via eCourts, log into nccourts.org/efile with your username and password, select your county and case (by case number), click “File Document,” select “Probate” > “Estate Administration,” choose document type “Inventory of Estate Property,” upload the PDF, verify fees (usually $0 for this form), and submit for filing. You’ll receive an electronic filing receipt immediately showing the document ID and filing date/time. Keep this receipt.

eCourts typically stamps documents “filed” within one to two business days. If you don’t receive confirmation within three days, call the county clerk’s office.

If eCourts is unavailable (rare), you can file by paper. Bring the original signed AOC-E-204 and exhibits to the county courthouse clerk’s office. A staff member will stamp it received and assign a document number.

After Filing: Supplemental Inventory, Amendments, and Next Steps

If you discover assets after filing the initial inventory, you must file a supplemental inventory under NCGS 28A-20-4. This is common for digital assets, forgotten accounts, or property discovered during estate cleanup.

File supplemental inventories promptly. Delays beyond three to four months after discovery may raise court and beneficiary concerns. Use the same AOC-E-204 form, mark it “Supplemental,” and list only the newly discovered assets. Reference the original inventory filing date and case number.

Here’s a practical example: an executor files the initial inventory in Month 2 of probate. In Month 5, a rental property account in another state is discovered. The executor files a supplemental inventory adding that property.

If you made a valuation error or listed an asset incorrectly (e.g., real property listed in the wrong county), file an amended inventory with a cover memo explaining the correction. Courts are lenient about genuine errors if corrected promptly. Don’t ignore errors. Continuing with a wrong inventory and attempting to “correct” it in the final accounting creates credibility problems.

After the clerk’s office reviews your inventory for completeness and proper formatting, they forward a copy to any objecting beneficiaries or creditors. The inventory becomes part of the permanent court record.

Your next step after inventory is accepted is asset collection, debt payment, and eventually estate distribution. The inventory creates the baseline; the final accounting shows what you did with all those assets.

Simplify the Process with Technology

The AOC-E-204 inventory can feel like an impossible task when you’re gathering statements from dozens of institutions, calculating fair market values, and organizing everything before the 90-day deadline. Afterpath’s asset tracking feature is built specifically to help.

Afterpath allows you to log each asset, upload supporting documents (bank statements, appraisals, valuations), and track which assets need valuation work or additional documentation. The platform automatically reminds you as the 90-day deadline approaches. When you’re ready, Afterpath generates the inventory in a format ready for eCourts filing, eliminating the frustration of form entry.

Frequently Asked Questions

Q: Do I have to list everything in the inventory, or can I keep some assets private?

A: All probate assets must be listed (real property, bank accounts, investments, vehicles). The inventory is a public court record, though some information is redacted. Non-probate property (life insurance with named beneficiary, retirement accounts with named beneficiary, joint property) does not appear in the inventory. If you fail to list an asset, beneficiaries can later sue for breach of fiduciary duty.

Q: How do I value assets if I can’t get an appraisal immediately?

A: Reasonable estimates are acceptable. Use bank statements for cash, KBB for vehicles, Zillow or assessor value for real estate, and dealer estimates for personal property. Include a note explaining your valuation method. You can file a supplemental inventory with updated values if a professional appraisal becomes available later.

Q: What if I discover an asset after I file the AOC-E-204?

A: File a supplemental inventory per NCGS 28A-20-4. This is common for digital assets, forgotten accounts, or property found during estate cleanup. File promptly (within 60 days of discovery). Include only the newly discovered asset and reference your original inventory filing.

Q: Do I include mortgages and debts on the inventory?

A: Yes. The AOC-E-204 has a liabilities section. List all mortgages, car loans, credit card balances, and other debts. The inventory shows gross asset value and gross liabilities separately. Net estate value is calculated in the final accounting, not the inventory.

Q: Can I file the AOC-E-204 myself without a lawyer?

A: Yes. NC allows executors to file probate documents, including the inventory, without an attorney. You must register with eCourts and follow your county’s procedures. If you have complex assets (business, multiple properties), consider consulting an attorney to ensure proper valuation and completeness.

Q: What happens if the court rejects my AOC-E-204?

A: The clerk’s office will email or call with specific corrections needed (missing legal descriptions, incomplete asset list, formatting issues). You’ll have 10 to 14 days to refile with corrections. Common rejections are missing real property legal descriptions, vague asset descriptions, unsigned form, or unnotarized signature (if required).

Q: Is the AOC-E-204 value used to calculate inheritance taxes or estate taxes?

A: The inventory value is the starting point for federal estate tax calculations (if applicable; NC has no state estate tax). However, tax value and probate value can differ. Consult a CPA or tax attorney if the estate may owe federal estate tax (estates over $13.61 million in 2024). The inventory is used by beneficiaries, creditors, and the court to verify the estate’s scope.

The 90-Day Deadline Is Achievable

Filing the AOC-E-204 is a significant responsibility, but breaking it into steps makes it manageable. Start by gathering documents, categorize assets carefully, use reputable valuation sources, and file before the deadline. If you’re unsure about values or asset inclusion, lean on professional appraisers and your county clerk. Remember that reasonable estimates are acceptable; perfection isn’t required.

Your inventory protects beneficiaries, satisfies court requirements, and demonstrates your diligence as executor. The form isn’t as intimidating as it looks once you understand each section and know where to find support for your valuations.

For a related overview of this requirement, see NC Estate Inventory: What to Include & How to File (90-Day Deadline). For step-by-step guidance on creating the inventory, see How to Create an Estate Inventory in NC. For broader executor responsibilities, see NC Executor Duties Checklist. To understand the eCourts filing process, see NC eCourts Guide: File Probate Online. For asset valuation methods, see How to Value Estate Assets in NC.

You’ve got this. The form is a tool to help you do your job well.