Creating a Detailed Estate Inventory in Tennessee: What Executors Must Know
Facing a new probate file can feel like juggling papers on a windy courthouse lawn. One document that keeps everything from blowing away is the estate inventory. Tennessee courts give you sixty days to gather the decedent’s probate assets, write them down, and swear that the list is accurate. Done well, the inventory guides tax filings, protects beneficiaries, and helps you sleep at night. Done poorly, it sets the stage for delay, extra costs, and finger-pointing.
Why Tennessee Requires an Inventory
The inventory rules appear in Tennessee Code § 30-2-301. By forcing a timely property list, the legislature keeps personal representatives honest, ensures creditors get reliable information, and lets heirs confirm that nothing disappears.
Deadline and Oath
You must file the inventory within sixty days after the court issues Letters Testamentary or Letters of Administration. Your sworn statement must verify the list before the clerk or a notary. Forgetting the oath is the same as filing nothing, so double-check that your signature block contains the required jurat.
Who Completes the Work
The task belongs to the personal representative, though accountants, attorneys, and family members often gather data. Even when helpers do most of the digging, only the appointed representative can sign and file the schedule, so review every figure before you swear.
What Goes Into the Inventory
Tennessee wants “a complete and accurate list of the probate estate.” That phrase confuses many first-time executors, who are unsure which items should stay off the page.
Probate Versus Non-Probate Property
Only assets titled solely in the decedent’s name on the date of death belong in the filing. Joint accounts with the right of survivorship, retirement plans that name a living beneficiary, and life insurance payable to a person rather than the estate skip probate and stay off the schedule. If unsure whether an item passes outside probate, speak with counsel before listing or omitting it.
Typical Categories to List
Most inventories include at least one entry from each of the following groupings:
- Cash, checking, and savings balances as of the date of death.
- Marketable securities such as stocks, bonds, or mutual funds.
- Business interests, whether a sole proprietorship or privately held shares.
- Personal property—vehicles, jewelry, firearms, collectibles, household goods.
- Real estate titled solely in the decedent’s name or tenant-in-common interest.
- Debts owed to the estate, such as promissory notes or unpaid rent.
List each item with enough detail for someone outside the family to find it: the last four digits of account numbers, property addresses, VINs, and serial numbers help prevent confusion.
The Gathering Process in Five Practical Steps
A steady plan keeps you from missing hidden assets or spending hours retracing your path later.
- Secure physical papers. Collect mail, safe deposit box contents, and home files before anyone else disseminates them.
- Order date-of-death statements. Banks and brokerages provide letters showing balances on the death date, which later satisfy both the clerk and the Internal Revenue Service.
- Check digital avenues. Email folders, cloud drives, and online password managers often reveal Venmo accounts, cryptocurrency wallets, or small electronic stock platforms.
- Interview insiders. Long-time employees, caregivers, or business partners may know about vehicles, equipment, or receivables never mentioned in family circles.
- Photograph valuable items. A quick phone snapshot of jewelry, artwork, or gun collections creates visual proof that the pieces existed and shows their condition.
Finish these steps quickly, because missing the sixty-day deadline can prompt a show-cause order from the clerk or even a contempt citation.
Common Valuation Methods
Courts rarely question the numbers if you follow ordinary appraisal practices. Use the approach that matches each item’s market.
| Preferred Valuation Sources | ||
| Asset Type | Suggested Documentation | Notes |
| Publicly traded stocks | Date-of-death closing price from the exchange or brokerage statement | The average of the high and low prices is acceptable when needed for tax work |
| Bank and credit union funds | Official balance letter or monthly statement covering the date of death | Accrued interest should be included in the total |
| Motor vehicles | Clean Retail figure from the current Kelley Blue Book | List mileage and condition in your notes |
| Real estate | Certified appraisal or county tax assessment if the appraisal is delayed | An appraisal is often required when the estate tax is possible |
| Personal property collectibles | Written opinion from a specialized dealer or auction house | Attach photos to support the value |
When an appraisal cannot be obtained before the filing deadline, file the inventory using the best available data and note that a formal estimate is pending. Amend the inventory later once the new figure arrives.
Filing With the Court and Notifying Beneficiaries
After you gather values, arrange the itemized schedule logically—cash first, then securities, then tangible items, finishing with real estate. Sign before a notary and submit three copies plus any appraisals to the probate clerk. The clerk records one copy, stamps the others, and returns them for your records.
Within the same sixty-day window, Tennessee law tells you to mail or hand-deliver a copy of the inventory, or at minimum the paragraphs affecting them, to each legatee or residuary heir. Keep proof of delivery. A simple certificate of service noting the date and method satisfies the statute and shields you from later claims of secrecy.
Correcting or Supplementing an Inventory
A forgotten stock certificate or newly discovered parcel does not spell disaster. File a supplemental inventory as soon as you find the asset. Use the same caption as the original schedule and label it “Supplement No. 1.” Include only the new items plus an adjusted total. If the addition increases bond exposure, expect the court to raise the bond amount accordingly.
Risks of Getting It Wrong
Errors have real consequences. Overlooking assets leaves creditors unpaid and can lead to personal liability under Tennessee Code § 30-2-317. Inflated values may push an estate above the federal estate tax exemption or complicate share calculations. Repeated failures to correct mistakes invite the court to remove the representative and appoint a successor.
Keeping the Project Manageable
Inventories feel less intimidating when you treat them like any other list-driven project.
- Set calendar reminders for seventy-two hours before every deadline.
- Store statements in a cloud folder that can be shared with your lawyer and accountant.
- Use a spreadsheet with sortable columns so you can rearrange items without retyping.
These small habits create a clean audit trail and reduce the odds of missing that dusty savings bond tucked behind a bookcase.
Final Thoughts
The Tennessee inventory requirement is not busy work. It anchors the entire probate proceeding, informs tax filings, and helps relatives trust the process. A focused sixty-day sprint gathering paperwork, confirming values, and filing on time can save months of stress later.
Questions will pop up the moment you unlock the decedent’s desk. Feel free to call our team, email us, or visit us online for guidance that fits your estate’s size and mix of assets.
We’re ready to help you sort through records and keep the court schedule on track. Call us at (865) 203-4041, email contact@foustlaw.com, or reach out through our website. A short conversation can prevent a long list of headaches.
