An inventory is filed after the personal representative is appointed. The inventory states the assets and debts of the decedent. An accounting is filed when the personal representative is ready to close the estate. The accounting shows how the assets of the decedent were spent and/or distributed.
Assets that are typically listed are: a home, vehicles, retirement accounts, bank accounts, and insurance. If the home is held in joint tenancy with a surviving spouse, the home is likely a non-probate asset. Non-probate assets are not included in the probate. For questions on what needs to be included or what is a probate asset, contact an experienced probate attorney.
Once the court appoints a personal representative the personal representative has the duty to discover and disclose all of the assets and debts of the decedent. Minn. Stat. 524.3-706 states the personal representative has six months to do this. However, this deadline can vary. If you are a personal representative, it is important that you know when your inventory is due. Once the personal representative discovers the assets, s/he should create an inventory. The inventory should be shared with the interested persons of the estate. The inventory must be filed with the court.
Finally, when the personal representative is ready to close the estate, s/he or she will need to file an accounting. The accounting should details how the assets of the decedent were spent and distributed. Again, the accounting should be shared with all interested persons. This allows the court to ensure that the assets of the decedent were properly spent and distributed. If someone disagrees with the final accounting, they can file an objection.