How to Complete a Massachusetts Probate Court Inventory and Accounting Form

If you have been appointed as a personal representative (executor or administrator) of an estate in Massachusetts, completing the Probate Court Inventory and Accounting Form is one of your core legal obligations. This document reports the full value of the decedent's assets and all financial transactions you have conducted on behalf of the estate.

Filing it correctly and on time protects you from personal liability and ensures the probate process moves forward without unnecessary court intervention. Below is a practical guide to help you navigate the form with confidence.

What Is the Massachusetts Probate Court Inventory and Accounting Form?

The inventory and accounting form is an official document filed with the Massachusetts Probate and Family Court. It has two primary sections: the Inventory, which lists all assets the decedent owned at the time of death, and the Accounting, which documents every financial transaction made during the administration of the estate.

The inventory must be filed within 90 days of your appointment as personal representative. The accounting is filed periodically or upon closing the estate, depending on the complexity of the case and any court orders.

When Should You File?

You should begin gathering asset information immediately after your appointment. Massachusetts General Laws Chapter 190B requires timely filing, and delays can result in court sanctions or removal as fiduciary. If the estate involves real property, business interests, or multiple financial accounts, start early to allow time for accurate valuations.

How to Fill Out the Inventory Section

The inventory requires you to list every asset with its fair market value as of the date of death. Common asset categories include:

  • Real estate include property address and assessed or appraised value
  • Bank accounts checking, savings, CDs, and money market accounts
  • Investment accounts brokerage accounts, stocks, bonds, and mutual funds
  • Personal property vehicles, jewelry, furniture, and collectibles
  • Retirement accounts and life insurance only if payable to the estate
  • Business interests partnerships, LLCs, or sole proprietorships

Use professional appraisals for real estate and high-value personal property. Courts expect documented, defensible values rather than rough estimates.

How to Prepare the Accounting Section

The accounting section is essentially a detailed financial report. It must show:

  1. Beginning balance the total value of estate assets at the start of the accounting period
  2. Receipts all income earned by the estate, including rent, dividends, interest, and sale proceeds
  3. Disbursements all payments made, such as debts, taxes, funeral expenses, attorney fees, and distributions to beneficiaries
  4. Ending balance the remaining estate value at the end of the period

Every entry should be supported by documentation: bank statements, receipts, canceled checks, or contracts.

Common Mistakes to Avoid

  • Omitting assets even small accounts or jointly held property must be disclosed if they belong to the estate
  • Using outdated valuations assets must reflect date-of-death fair market value, not current prices
  • Mixing personal and estate funds always keep estate finances in a separate account
  • Failing to account for all disbursements every dollar that leaves the estate must be documented
  • Missing filing deadlines late filings invite court scrutiny and potential penalties

Quick Checklist Before Filing

  1. Obtain date-of-death valuations for all real property and valuable personal items
  2. Collect complete statements from every financial institution holding estate assets
  3. Maintain a dedicated estate checking account for all transactions
  4. Retain copies of every receipt, invoice, and proof of payment
  5. Verify that all assets and transactions reconcile with supporting documents
  6. File the inventory within 90 days of appointment
  7. Consult a Massachusetts probate attorney if the estate involves complex assets or disputes

Completing the Massachusetts Probate Court Inventory and Accounting Form demands accuracy and thoroughness. Treat every entry as if it will be reviewed because it will be. Proper record-keeping from day one makes the entire process manageable and protects you as a fiduciary.