Required Assets for an Illinois Estate Inventory

If you've been named as the executor of an Illinois estate, one of your first responsibilities is filing an inventory of the deceased person's assets with the probate court. Getting this right matters because an incomplete or inaccurate inventory can delay probate, trigger legal disputes, and even expose you to personal liability. Understanding exactly what must be listed and what doesn't belong saves time, protects beneficiaries, and keeps the process moving.

What exactly is an Illinois estate inventory?

An estate inventory is a formal document filed with the Illinois probate court that lists every asset owned by the deceased person at the time of death. Under the Illinois Probate Act of 1975 (755 ILCS 5/), the executor or administrator must file this inventory within 60 days of being appointed. Each asset must be described and assigned a fair market value as of the date of death.

The inventory serves two main purposes. First, it gives the court and all interested parties a clear picture of what the estate contains. Second, it creates a baseline for accounting every asset distributed later needs to trace back to what was originally reported.

Which assets are considered probate assets in Illinois?

Not everything a person owned automatically goes through probate. The inventory must include probate assets property that passes under the terms of a will or, if there's no will, under Illinois intestacy laws. Generally, probate assets include anything the deceased owned solely in their name without a designated beneficiary or automatic transfer mechanism.

Here are the most common types of assets you'll need to list:

Real property – Houses, land, rental properties, vacant lots, and any other real estate titled solely in the decedent's name or owned as a tenant in common
Bank accounts – Checking accounts, savings accounts, CDs, and money market accounts held only in the decedent's name
Investment accounts – Brokerage accounts, stocks, bonds, and mutual funds without a transfer-on-death (TOD) designation
Personal property – Vehicles, furniture, jewelry, artwork, electronics, clothing, tools, and collectibles
Business interests – Sole proprietorships, partnership interests, or LLC membership shares
Money owed to the deceased – Outstanding loans made to others, pending lawsuit settlements, or tax refunds due
Cash and valuables on hand – Physical cash, safe deposit box contents, and items stored off-site

A thorough guide on completing the estate inventory form can walk you through how each category is typically organized and reported on the court form.

Do I need to include jointly owned property on the inventory?

It depends on how the property is titled. In Illinois, property held as tenants by the entirety (available to married couples) or joint tenants with right of survivorship passes directly to the surviving owner at death. These assets generally do not need to be listed on the probate inventory because they bypass probate entirely.

However, property held as tenants in common does not have a right of survivorship. The decedent's share becomes part of the probate estate and must be listed. For example, if two siblings co-own a rental property as tenants in common and one passes away, that person's 50% share belongs on the inventory.

When in doubt, check the deed or account title. The legal language determines how the property passes.

What about life insurance, retirement accounts, and payable-on-death accounts?

Assets with a named beneficiary or a POD/TOD designation typically pass outside of probate. Common examples include:

Life insurance policies with a named beneficiary
401(k) plans, IRAs, and pensions
Payable-on-death (POD) bank accounts
Transfer-on-death (TOD) brokerage accounts

These usually do not go on the inventory. But there's an important exception: if the estate itself is named as the beneficiary or if no beneficiary is named and the proceeds revert to the estate then those funds must be listed. This happens more often than people expect, especially when a beneficiary predeceases the policyholder and no contingent beneficiary was named.

How do I handle digital assets and online accounts?

Digital property is an area many executors overlook. Under the Illinois Revised Uniform Fiduciary Access to Digital Assets Act (760 ILCS 80/), you may have the right and in some cases the obligation to account for digital assets. These can include:

Cryptocurrency holdings (Bitcoin, Ethereum, etc.)
Online payment accounts like PayPal or Venmo with balances
Digital storefronts or businesses generating revenue
Domain names and websites with monetary value
Digital media libraries that can be sold or transferred
NFTs and other blockchain-based assets

If these assets have value, they belong on the inventory. The challenge is often finding them. Check email accounts, financial statements, and tax returns for clues about digital holdings.

Do debts and liabilities go on the estate inventory?

The inventory itself is focused on assets, not debts. However, debts are still relevant to the estate administration. The executor must notify known creditors, publish a notice to creditors as required under 755 ILCS 5/18-3, and pay valid claims from estate funds before distributing assets to beneficiaries.

Some practitioners include a separate schedule of known debts alongside the inventory for transparency. While not strictly required on the inventory form, a clear picture of liabilities helps everyone involved understand the estate's true financial position.

What about assets located outside of Illinois?

If the decedent owned property in another state such as a vacation home in Michigan or a rental condo in Florida those assets still need to be reported on the Illinois inventory if Illinois is the primary probate jurisdiction. The value of out-of-state real estate should be listed, though the property may also require a separate ancillary probate proceeding in the state where it's located.

How should each asset be valued on the inventory?

Every listed asset needs a fair market value as of the date of death. Fair market value means the price a willing buyer would pay a willing seller, both with reasonable knowledge of the relevant facts. For common items like bank accounts, the balance on the date of death works. For real estate, vehicles, jewelry, art, and business interests, you may need a professional appraisal.

The executor's requirements for estate asset appraisal in Illinois can be strict. Using outdated tax assessments for real estate or guessing at jewelry values are frequent causes of problems. The court expects reasonable accuracy, and beneficiaries can challenge values they believe are wrong.

What are the most common mistakes people make with the estate inventory?

Executors run into trouble in predictable ways. Here are the errors that come up most often:

Forgetting assets – Failing to check safe deposit boxes, search for unclaimed property, or review tax returns for overlooked accounts
Misclassifying jointly held property – Listing assets that automatically transfer to a surviving owner, or missing a tenant-in-common share that should be listed
Using inaccurate values – Guessing instead of getting appraisals, or using sentimental rather than fair market values
Ignoring digital assets – Leaving cryptocurrency, online businesses, and digital accounts off the inventory entirely
Missing the 60-day filing deadline – Illinois takes this deadline seriously, and late filings can result in court sanctions
Not listing assets in other states – Out-of-state property must still appear on the Illinois inventory

What steps should I take to build a complete inventory?

Start by gathering the decedent's financial records. Tax returns from the past three to five years are especially helpful they reveal bank accounts, investment income, rental properties, and business interests. Then work through this process:

Search the home thoroughly, including attics, basements, safes, and storage units
Contact banks and financial institutions to identify all accounts
Check county records for real property in the decedent's name
Review mail and email for financial statements, insurance policies, and investment account notifications
Search for unclaimed property through the Illinois State Treasurer's unclaimed property database
Consult with an attorney or professional appraiser for high-value or complex items
Review the decedent's safe deposit box contents with proper bank authorization

When you're ready to file, follow the court's filing instructions carefully to avoid rejections or delays.

Quick checklist before you file

☐ Searched all personal property locations (home, storage, safe deposit box)
☐ Reviewed at least three years of tax returns
☐ Contacted all known financial institutions
☐ Checked county recorder's office for real estate records
☐ Identified and properly classified jointly owned property
☐ Confirmed which assets have beneficiary designations and which do not
☐ Accounted for digital assets, including cryptocurrency
☐ Obtained professional appraisals for real estate, valuable personal property, and business interests
☐ Assigned fair market value to every asset as of the date of death
☐ Noted out-of-state property on the inventory
☐ Filed the completed inventory within 60 days of appointment

If you're unsure about any item, err on the side of including it. You can always clarify or remove an asset later with the court's permission, but leaving something off the inventory can create bigger problems down the line. When the estate involves complex holdings or significant value, working with a probate attorney and a qualified appraiser is well worth the investment.