How to Create an Estate Inventory in NC (90-Day Deadline)

How to Create an Estate Inventory in North Carolina

One of the most important early responsibilities of a North Carolina executor is filing an estate inventory with the court. You have 90 days from the date you qualify as executor or administrator to complete this filing. Miss this deadline and the Clerk of Superior Court can compel action, which adds stress and potential cost to an already difficult process.

This guide walks you through exactly what the inventory requires, how to value different types of assets, which court form to use, and practical tips for tracking everything down.

---

The 90-Day Rule: What the Deadline Means

Under North Carolina General Statute 28A-20-1, the executor or administrator of an estate must file an inventory of estate assets within 90 days of qualifying with the Clerk of Superior Court.

The clock starts when you qualify, not when the person died. If it takes you two weeks to open the estate after the death, you have 90 days from your qualification date, not from the date of death.

That said, do not let this timing create a false sense of slack. Gathering a complete and accurate inventory takes real time, especially for larger estates. Start the process as early as possible.

For a broader overview of this requirement and how it fits into the estate timeline, see our dedicated article on the NC estate inventory 90-day deadline.

---

The Form: AOC-E-505

The inventory is filed on North Carolina court form AOC-E-505, titled “Inventory of Personal Property” (there is a related form, AOC-E-505A, for real property). You can download these forms from the North Carolina Courts website (nccourts.gov) or pick them up at your county Clerk of Superior Court’s office.

The form is organized into categories, which helps ensure you do not overlook entire asset classes. For a comprehensive guide to all the probate forms used in North Carolina, see our guide to NC AOC forms.

---

What to Include: Asset Categories

The inventory must include all property owned by the deceased that is subject to probate administration. Here is a breakdown by category.

Real Property

Real property includes any land and buildings owned by the deceased, either outright or as a tenant in common. Note that property held in joint tenancy with right of survivorship typically passes outside of probate.

For each piece of real property, include:

• Street address and legal description (from the deed)
• The deceased’s ownership interest (full or a percentage)
• Fair market value as of the date of death

Determining fair market value for real estate typically requires a professional appraisal or, at minimum, a comparative market analysis from a licensed real estate agent. An informal estimate based on tax value is not always sufficient, particularly for larger estates.

Bank Accounts

Include all checking, savings, money market, and certificate of deposit accounts held solely in the deceased’s name. Do not include accounts with payable-on-death (POD) designations or jointly held accounts with survivorship rights, as those pass outside probate.

For each account, list:

• Name of financial institution
• Account type
• Last four digits of account number
• Balance as of the date of death

Banks will usually provide a date-of-death balance statement upon request if you present a certified death certificate and your Letters Testamentary.

Investment and Brokerage Accounts

Include brokerage accounts, stock certificates, bond holdings, and mutual fund accounts titled solely in the deceased’s name. Again, accounts with transfer-on-death (TOD) designations pass outside probate.

For each investment account, include:

• Brokerage or custodian name
• Account type
• Market value as of the date of death

The date-of-death value for publicly traded securities can be determined using historical price data. The brokerage can typically provide a date-of-death valuation statement.

Retirement Accounts

Traditional IRAs, Roth IRAs, 401(k)s, 403(b)s, and similar retirement accounts almost always have named beneficiaries and pass outside of probate. However, if the designated beneficiary was the estate itself, or if no beneficiary was named and the deceased had no spouse, the account may pass through the estate.

If a retirement account is subject to probate, include:

• Account type and custodian
• Account number (last four digits)
• Account value as of the date of death

Vehicles

Include cars, trucks, motorcycles, boats, trailers, recreational vehicles, and any other titled vehicles owned solely by the deceased.

For each vehicle:

• Make, model, year, and VIN
• Current market value (use Kelley Blue Book, NADA, or a dealer appraisal)
• Location of the vehicle

Life Insurance (Payable to Estate)

Life insurance policies with named individual beneficiaries pass outside of probate. But if the policy names the estate as beneficiary, include the proceeds in the inventory.

For each qualifying policy:

• Insurance company and policy number
• Face value and date-of-death value
• Documentation of the estate as named beneficiary

Business Interests

If the deceased owned an interest in a sole proprietorship, partnership, LLC, or corporation, that interest may be part of the probate estate.

Business interests are among the most complex assets to value. Methods include book value, fair market value based on earnings, or a professional business appraisal. For interests in privately held companies, a qualified business appraiser is strongly recommended.

Notes Receivable and Other Debts Owed to the Deceased

If someone owed money to the deceased (a personal loan, a promissory note, seller-financed real estate), include those obligations as estate assets.

For each:

• Debtor’s name and address
• Original amount, current outstanding balance, and interest rate
• Copy of the note or loan documentation

Personal Property

Personal property includes everything that does not fit neatly into the categories above: furniture, jewelry, artwork, collectibles, electronics, clothing, tools, and household goods.

This is often the most time-consuming part of the inventory. Practically speaking, the approach varies by situation:

• For ordinary household goods of modest value, a room-by-room description with aggregate estimates is generally acceptable.
• For items of significant value (jewelry, artwork, antiques, collectibles), a professional appraisal is appropriate.
• For items worth less than a reasonable minimum threshold, courts typically accept good-faith estimates based on resale or replacement value.

Photography and video walkthroughs of the home can help document personal property and support your valuations.

---

What NOT to Include

The inventory covers only probate assets. Do not include:

• Property held in a revocable living trust
• Jointly owned property with survivorship rights
• Accounts or policies with named beneficiaries (unless the estate is the beneficiary)
• Property already distributed to a surviving spouse through an elective share election

---

Valuation Date and Methods

Assets are generally valued as of the date of death. For some assets (bank accounts, publicly traded securities), this is straightforward. For others (real estate, personal property, business interests), you will need to choose a valuation method.

Acceptable valuation methods include:

Asset Type	Preferred Valuation Method
Real estate	Licensed appraisal or CMA
Publicly traded stocks	Average of high and low trading price on date of death
Mutual funds	Net asset value on date of death
Vehicles	Kelley Blue Book, NADA, or dealer appraisal
Household goods	Estimated fair market value (resale, not replacement)
Jewelry/art/collectibles	Professional appraisal
Business interests	Professional business appraisal

For estates that may be subject to federal estate tax (estates over $13.61 million as of 2024), professional appraisals are essential for all significant assets. Inaccurate valuations can trigger IRS penalties.

---

Step-by-Step: Creating Your Inventory

Here is a practical workflow for putting together the estate inventory:

Step 1: Gather all financial account statements. Look for the most recent statements for every account. Many institutions will provide date-of-death balance statements.

Step 2: Request date-of-death valuations from financial institutions. Present your Letters Testamentary and certified death certificate. Ask specifically for a balance or valuation as of the date of death.

Step 3: Pull vehicle registrations and titles. Check the DMV records if you cannot locate titles. Obtain market value estimates from KBB or NADA.

Step 4: Research real property. Locate deeds for all real property using the county register of deeds (many counties have online search tools). Arrange for appraisals if needed.

Step 5: Walk through and document personal property. Go room by room through any home or storage unit owned by the deceased. Photograph items and estimate values. Consider hiring an estate appraiser for collections or high-value items.

Step 6: Identify any business interests. Locate operating agreements, partnership agreements, or stock certificates. Contact the business’s accountant or attorney for valuation guidance.

Step 7: Complete form AOC-E-505. Transfer your compiled information onto the official form. Be thorough and accurate.

Step 8: File with the Clerk of Superior Court. Submit the completed form before the 90-day deadline. Keep a copy for your records.

---

Tips for Staying Organized

Tracking down assets from multiple institutions while managing grief and other estate responsibilities is genuinely difficult. A few practices that help:

• Create a spreadsheet with one row per asset, tracking institution, account number, valuation method, and status (contacted, response received, value confirmed).
• Keep copies of every letter and email you send to financial institutions, and note the date and name of every person you speak with by phone.
• Use a single email address or folder to consolidate financial institution correspondence.
• Do not throw away any mail from the deceased’s address for at least six months. Unexpected account statements or dividend checks can surface assets you did not know about.

---

How Afterpath Simplifies the Estate Inventory Process

The estate inventory is one of the most labor-intensive tasks in the entire probate process, and Afterpath is built to make it more manageable.

Pathfinder guides you through the inventory process step by step, explaining what counts as a probate asset, how to obtain valuations, and how to handle unusual asset types. You get specific guidance rather than having to piece together answers from multiple sources.

The task management system breaks the inventory process into individual tasks with clear instructions and tracks your progress. You will always know what you have done and what still needs to happen.

Afterpath’s NC compliance engine monitors the 90-day inventory deadline automatically and sends reminders as the deadline approaches. You will not discover you are late after the fact.

The document vault lets you store appraisals, account statements, letters from financial institutions, and the completed AOC-E-505 form all in one organized location. When the Clerk or an heir asks for documentation, everything is already ready.

And if you need help with unusual assets or complex valuation questions, the professional marketplace connects you with NC-licensed estate appraisers and CPAs who can provide qualified opinions of value.

---

Frequently Asked Questions About the NC Estate Inventory

What happens if I miss the 90-day inventory deadline? The Clerk of Superior Court can issue a show cause order requiring you to explain why the inventory was not filed on time. In serious cases, the Clerk can hold the executor in contempt. If you are running behind, contact the Clerk’s office proactively before the deadline passes.

Do I need to include the deceased’s personal belongings in the inventory? Yes. All personal property that is part of the probate estate must be included. Ordinary household goods can be listed with aggregate estimated values rather than item by item, but higher-value items should be itemized and appraised.

Can I file the inventory even if I do not know all the values yet? Generally, you should file a complete and accurate inventory rather than an incomplete one. If you are waiting on a professional appraisal for a significant asset, contact the Clerk’s office to discuss options. Some clerks allow an amended inventory after the fact.

Does the inventory need to be sworn? Yes. The executor signs the inventory under oath, attesting that it is a complete and accurate statement of the estate’s assets.

How does Afterpath help with the estate inventory specifically? Afterpath’s platform walks you through every asset category, helps you track down what you need, and monitors your 90-day deadline automatically. Join the waitlist to get early access.

What is the AOC-E-505 form? AOC-E-505 is the official North Carolina court form for filing the estate inventory with the Clerk of Superior Court. See our guide to NC AOC forms for details on this and every other form used in the NC probate process.