Filing an Estate Inventory in Illinois Probate Court

If you've been named as the executor or administrator of an estate in Illinois, completing the estate inventory form is one of your earliest and most important responsibilities. This document tells the probate court exactly what the deceased person owned at the time of their death. Get it wrong or miss the deadline and you could face personal liability, delays in the probate process, or objections from beneficiaries. Getting it right the first time protects you and keeps the estate moving forward.

This guide walks you through each section of the Illinois estate inventory form, explains what the court expects, and shows you how to avoid the mistakes that trip up most first-time executors.

What Is an Estate Inventory Form in Illinois Probate?

An estate inventory form is a sworn legal document filed with the probate court that lists every asset the decedent owned or had an interest in at the time of death. In Illinois, this form is required under the Illinois Probate Act of 1975, specifically 755 ILCS 5/19-4. It's not optional. Every estate opened in probate whether the person had a will or not requires a filed inventory.

The form typically includes columns for a description of each asset, the fair market value as of the date of death, and any liens or encumbrances. The court uses this document to get a clear picture of the estate's total value, which affects everything from creditor claims to final distribution to heirs.

When Does the Inventory Need to Be Filed?

Under Illinois law, the personal representative (executor or administrator) must file the inventory within 60 days of being appointed by the court. That clock starts ticking the day the court issues your letters of office not the date the person died, and not the date you agreed to serve.

If you need more time, you can file a motion requesting an extension before the deadline passes. Courts will usually grant a reasonable extension if you can show you're making progress. But missing the deadline without explanation puts you at risk of being removed as executor or held in contempt.

The executor requirements for estate asset appraisal and inventory outline additional duties you should be aware of during this period.

What Information Do I Need Before I Start Filling Out the Form?

Before you sit down to complete the inventory, gather these documents and records:

Bank statements (checking, savings, CDs, money market) as of the date of death
Brokerage and investment account statements showing holdings and balances on the date of death
Real property deeds, tax records, and recent appraisals or comparable sales data
Vehicle titles, boat registrations, or other titled personal property
Life insurance policies that may or may not be part of the probate estate
Retirement account statements (401k, IRA, pensions) though these often pass outside probate
Business ownership documents if the decedent owned a business interest
Outstanding debts owed to the decedent, such as promissory notes or loans made to others
Cash, jewelry, collectibles, firearms, and other tangible personal property

You need to identify every asset the person owned not just the ones you think are valuable. The court requires a complete accounting. For a detailed breakdown of what qualifies, see this guide on what assets must be listed on an Illinois estate inventory.

How Do I Fill Out Each Section of the Inventory Form?

Most Illinois probate courts use a standard inventory form. While the exact layout may vary slightly by county, the core sections are consistent. Here's what to expect in each part.

Section A: Real Estate

List every parcel of real property the decedent owned. For each property, include:

Property address and legal description (from the deed)
Type of ownership (sole ownership, tenancy in common, joint tenancy, etc.)
Fair market value on the date of death
Any mortgages, liens, or encumbrances

The net value fair market value minus encumbrances tied to the property is what matters for the inventory total. Don't just guess at a value. Use a professional appraisal, a recent comparable market analysis, or the most current tax assessment (though tax assessments often understate true value). This article on understanding fair market value in an Illinois estate inventory explains the standard the court expects.

Section B: Cash and Financial Accounts

Include all bank accounts, CDs, and cash on hand. Write down the exact balance on the date of death not the current balance. You may need to request a date-of-death statement from each financial institution. List each account separately with the institution name, account type, and last four digits of the account number.

Section C: Securities and Investments

List stocks, bonds, mutual funds, and other securities. For publicly traded securities, use the closing price on the date of death (or the next trading day if the death occurred on a weekend or holiday). For closely held stock or private investments, you may need a professional valuation.

Section D: Tangible Personal Property

This is where many executors struggle. You need to list household furnishings, vehicles, jewelry, artwork, electronics, tools, firearms, and any other physical items of value. Grouping is acceptable for low-value household goods (for example, "household furnishings and personal effects estimated value $3,000"), but items with significant individual value should be listed separately.

If the estate contains items worth $10,000 or more, the court may require or you may want to obtain a formal appraisal. Illinois law requires the executor to use reasonable care in valuing estate assets.

Section E: Debts Owed to the Estate

If anyone owed the decedent money a personal loan, a promissory note, an unpaid business receivable list it here with the debtor's name, the original amount, and any outstanding balance.

Section F: Other Assets

This catch-all section covers anything that doesn't fit neatly above: business interests, intellectual property, pending legal claims, cryptocurrency, oil and gas rights, or any other asset. Be thorough.

How Do I Determine the Right Value for Each Asset?

Every asset must be listed at its fair market value as of the date of death. Fair market value is the price a willing buyer would pay a willing seller, both with reasonable knowledge of the relevant facts. It's not replacement cost, insurance value, or sentimental value.

For bank accounts, the value is the exact balance. For publicly traded stocks, it's the closing price. For real estate and personal property, it's based on what the item would sell for in the open market on that specific date.

Some practical approaches:

Real estate: Hire a licensed appraiser or use a documented comparative market analysis from a real estate professional
Vehicles: Use NADA guides, Kelley Blue Book, or similar resources for private party value
Jewelry and collectibles: Get a professional appraisal, especially for items worth over $5,000
Household goods: Estimate fair market (garage sale or resale) value, not replacement cost

Do not inflate values to make the estate look larger, and do not deflate values to minimize fees or taxes. The court expects honest, reasonable valuations. If a beneficiary or creditor later contests a value, you'll need to show the basis for your estimate.

What Are the Most Common Mistakes Executors Make on the Inventory?

Having reviewed hundreds of estate inventories filed in Illinois probate courts, these are the errors that come up most often:

Omitting assets. Forgetting about safe deposit boxes, digital assets, small bank accounts, or items stored in a second property. Even assets with modest value must be included.
Using the wrong valuation date. The value must be as of the date of death not the date you discovered the asset, not today's value, and not the purchase price the decedent originally paid.
Listing assets that don't belong in the probate estate. Jointly held property with rights of survivorship, assets with designated beneficiaries (like life insurance or retirement accounts), and assets in a living trust typically pass outside probate and should not be included on the inventory.
Failing to list encumbrances. If a property has a mortgage, you should list both the gross value and the mortgage amount. The net figure is what gets counted.
Not signing the form under oath. The inventory must be verified meaning you sign it under penalty of perjury. An unsigned inventory will be rejected.
Filing late without requesting an extension. Courts take the 60-day deadline seriously. If you're running behind, file for an extension proactively.

Detailed filing instructions for the Illinois probate estate inventory can help you avoid procedural rejections.

Do I Need an Attorney or Appraiser to Help Me?

You're not legally required to hire an attorney to prepare the inventory, but most executors benefit from legal guidance especially if the estate has real property, business interests, or potential disputes among heirs. A probate attorney can make sure you're categorizing assets correctly and not accidentally exposing yourself to liability.

As for appraisers, Illinois law doesn't mandate professional appraisals for every asset. But when the estate contains real estate, valuable collections, jewelry, or business interests, a qualified appraisal protects you. It provides a defensible value that holds up if anyone challenges the inventory later.

For a closer look at your specific obligations, review the full list of executor requirements for estate asset appraisal and inventory.

What Happens After I File the Inventory?

Once the inventory is filed with the clerk of the probate court, it becomes part of the public record. Beneficiaries, creditors, and other interested parties can review it. If someone believes an asset is missing or a value is inaccurate, they can file an objection with the court, which may require you to amend the inventory or provide additional documentation.

The inventory also serves as the baseline for the final accounting you'll file at the end of the probate process. Any changes in value between the date of death and the date of distribution gains or losses on sold assets, for example will be measured against the inventory figures.

Checklist: Completing Your Illinois Estate Inventory

Obtain your letters of office and note the appointment date your 60-day deadline starts here
Secure and catalog all of the decedent's assets, including safe deposit boxes and digital accounts
Request date-of-death balances from every financial institution
Determine which assets are part of the probate estate and which pass outside of it
Obtain appraisals for real estate, valuable personal property, and business interests
Record each asset with a description, ownership type, fair market value, and any encumbrances
Complete every section of the court's inventory form don't leave blanks
Review the entire form for accuracy and completeness before signing
Sign the inventory under oath (verification)
File the original with the probate court clerk before the 60-day deadline
Send copies to all interested parties as required by local court rules
Keep a copy for your own records

Tip: Start the inventory process immediately after your appointment. Waiting until week six to request bank statements and appraisals is how most executors end up filing late. The sooner you start gathering documents, the smoother the process goes.