Understanding What Goes Into a Probate Assets List

What Is a Probate Assets List?

A probate assets list is a detailed inventory of probate assets—typically items owned solely by the deceased at the time of death or otherwise subject to probate. In South Carolina, this list is generally submitted to the probate court, although specific procedures can vary by county and by the court’s requirements as part of the estate administration process, often through the Inventory and Appraisement (Form 350ES), although simplified procedures may apply in some small or special estates.

Non-probate assets—such as jointly owned property with rights of survivorship or assets with designated beneficiaries—are generally excluded unless they are payable to the estate. Knowing what belongs on the list helps families and personal representatives manage estate details more confidently.

Why Is the Probate Assets List Important?

A probate assets list:

• Provides a clear record of everything that must be handled through the probate process at the time of a person’s passing
• Helps the court and the personal representative understand what needs to be managed
• Reduces the risk of missed assets, mistakes, and conflicts
• Helps lower the chance of costly disagreements and legal complications

It also highlights the value of professional guidance, especially because probate requirements and procedures can vary based on the size and complexity of the estate.

Items Typically Included in a Probate Assets List

A probate assets list usually covers property that is in the decedent’s name alone or otherwise subject to probate, including:

• Real estate owned solely by the deceased, including the deceased’s share of any property held as a tenant in common. In contrast, real estate held with rights of survivorship is typically not included because it usually passes directly to the surviving co-owner.
• Bank accounts held only in the deceased’s name
• Personal belongings such as jewelry, furniture, artwork, and other household items
• Vehicles registered solely to the deceased
• Stocks, bonds, and other investments solely owned
• Business interests owned solely by the deceased
• Life insurance proceeds that are payable to the estate (when no direct beneficiary is named)
• Retirement accounts without designated beneficiaries

The Items Not Included in a Probate Assets List

Some assets typically pass outside of probate and are not listed as probate assets, including:

• Property held in joint tenancy or with rights of survivorship
• Assets held in a properly funded living trust (correctly titled to the trust before death)
• Life insurance policies with named beneficiaries
• Retirement accounts with named beneficiaries
• Payable-on-death (POD) or transfer-on-death (TOD) financial accounts held with banks, credit unions, or investment firms (such as certain bank, brokerage, or investment accounts) when they are properly titled with a valid beneficiary designation.
• Items the decedent already gifted during life, because they are no longer legally owned at the time of death.

While these assets usually bypass the probate process, disputes, unclear beneficiary designations, or administrative issues may still require court involvement or additional legal steps.

How to Make a Probate Assets List

Creating a probate assets list as early and accurately as possible in the probate process can help families feel more in control and reduce worries about delays or conflicts. A basic approach includes:

• Gather documents such as bank statements, property deeds, vehicle titles, insurance policies, and investment records.
• Identify assets titled solely in the deceased’s name or otherwise subject to probate.
• Exclude non-probate assets, such as property with joint owners or valid beneficiary designations, if those assets pass directly to the surviving person outside probate.
• List personal belongings and estimate reasonable values, especially for items with significant worth.
• Consulting a probate attorney can help verify the accuracy of the list and address legal issues, though the appropriate approach may vary by case. Professional guidance can reduce errors and complications, but outcomes cannot be predicted or promised because they depend on case-specific facts, court procedures, and changes in the law.

Tips for Compiling a Probate Assets List

• Start early to avoid last-minute stress.
• Use records from banks, financial institutions, and government offices.
• Speak with family members about any less obvious or forgotten assets.
• Take photos or videos of valuable personal items.
• Review and update the list with your attorney as needed.