The Inventory for Decedent’s Estate, also known as the “90-Day Inventory,” is a very important filing in the estate administration and probate process. The form for the Inventory can be found through the Administrative Office of the Courts website directly. The Inventory ends up often being the culmination of the investigation and discovery phase of the probate process, where we’re determining what the decedent owned and how it must be handled.
The primary function of the Inventory for Decedent’s Estate is to set forth the date of death value of the personal property assets owned by the decedent on their date of death. While the Inventory itself isn’t due until ninety (90) days after the Executor or Administrator qualifies (issued Letters), the values indicated must be the values on the decedent’s date of death, not date of filing of the Inventory.
The probate fees (or “costs”) associated with the administration of each estate are based on the Part 1 assets on the Inventory, including:
The probate fee is calculated based on the total value of these types of assets combined. The probate fee in North Carolina is $40 plus $4.00 for every $1,000 in probate assets, with a cap of $6,000.
The Inventory for Decedent’s Estate is required for full administrations, i.e., estates worth more than $20,000 for non-spouses.
The Affidavit for Collection of Personal Property of Decedent is the process used for estates worth $20,000 or less for non-spouses, and the Application and Assignment of Year’s Allowance is the process used by a surviving spouse when the estate of the deceased spouse is worth $60,000 or less.