The “90-Day Inventory”: Inventory For Decedent’s Estate (AOC-E-505)

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.

Date of Death Values of Probate Assets

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.

Calculation of Probate Fee

The probate fees (or “costs”) associated with the administration of each estate are based on the Part 1 assets on the Inventory, including:

  1. Accounts in the Sole Name of the Decedent (often deposit accounts like checking and savings accounts)
  2. Joint Accounts Without Rights of Survivorship (the decedent’s percentage share)
  3. Stocks and Bonds
  4. Cash and Undeposited Checks on Hand
  5. All Other Personal Property (tangible, like personal effects and vehicles)
  6. Real Estate Willed to the Estate, Directed by the Will to be Sold, and Sold (cash proceeds)

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.

Not Required for Small Estates

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.

Author Bio

Paul Yokabitus

Paul Yokabitus is the CEO and Managing Partner of Cary Estate Planning, a Cary, NC, estate planning law firm. With years of experience in estate and elder law, he has zealously represented clients in various legal matters, including estate planning, guardianship, Medicaid planning, estate administration, and other cases.

Paul received his Juris Doctor from the Campbell University School of Law and is a North Carolina Bar Association member. He has received numerous accolades for his work, including being named among the “Best Attorney in Cary” in 2016 and 2017 by Cary News and Rising Star in 2020-2023 by Super Lawyers.

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