This is an official form from the New York State Unified Court, which complies with all applicable laws and statutes. USLF amends and updates the forms as is required by New York statutes and law.
New York Inventory of Assets
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New York
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NY-SFM-3
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FAQ
Determine Your State's Laws Regarding Inventory Forms. Review the Instructions Provided. Identify Real Property. Identify Personal Property. Identify Bank Accounts. Identify Retirement Accounts. Identify Non-Probate Assets. File the Form With the Court.
Can an executor dispose of assets before probate is complete? That answer is simple: no. The executor will have to wait until the probate process is over before disposing of assets.
Determine Your State's Laws Regarding Inventory Forms. Review the Instructions Provided. Identify Real Property. Identify Personal Property. Identify Bank Accounts. Identify Retirement Accounts. Identify Non-Probate Assets. File the Form With the Court.
When calculating the value of an estate, the gross value is the sum of all asset values, and the net value is the gross value minus any debts: in other words, the actual worth of the estate.
The obvious assets that will need to be probated are those with a title that is in your name only. These might include bank accounts, investments, home, other real estate, vehicles, etc.
Your inventory should include the number of shares of each type of stock, the name of the corporation, and the name of the exchange on which the stock is traded. Meanwhile, you should note the total gross amount of a bond, the name of the entity that issued it, the interest rate on the bond, and its maturity date.
In short, yes. Household items do have to go through the probate process as they are considered probate assets with no explicit or individual title. These assets (items like furniture, clothing, collections, artwork, jewelry, etc.)
An inventory and appraisal is a required filing in California probate. The inventory and appraisal is a single document that (1) inventories the property in the decedent's estate and (2) contains an appraisal of the property in the inventory. California Probate Code § 8800(a).
Retirement accountsIRAs or 401(k)s, for examplefor which a beneficiary was named. Life insurance proceeds (unless the estate is named as beneficiary, which is rare) Property held in a living trust. Funds in a payable-on-death (POD) bank account.