The Executor makes a list of everything that was owned at the time of death. This list will be used during the estate settlement process. The inventory will list Last Will and Testament, Codicil, Trust and any other legal documents that exist as well as tax returns and give the location of those documents. The inventory lists property owned by the deceased, any income including Social Security Benefits, and any debts owed. The Inventory also defines probate assets, assets with automatic inheritance rights, and trust assets.
Words commonly used with this term include: