Connecticut Estate Asset Inventory Form

When someone passes away in Connecticut, one of the first real responsibilities an executor faces is documenting everything the deceased person owned. That documentation starts with an asset inventory form. Without it, the probate court can't move forward, creditors can't be properly notified, and beneficiaries have no clear picture of what's in the estate. Getting this form right the first time saves weeks sometimes months of delays and headaches.

What exactly is an asset inventory form for Connecticut estate settlement?

An asset inventory form is a legal document filed with the Connecticut Probate Court that lists every asset owned by the deceased person at the time of death. It includes real estate, bank accounts, investment portfolios, vehicles, personal property, business interests, and anything else of value. The form requires you to assign a fair market value to each item as of the date of death not what someone paid for it years ago, but what it's actually worth today.

Under Connecticut General Statutes § 45a-355, executors are required to file this inventory with the probate court within two months of their appointment. That deadline comes up faster than most people expect, especially when you're also dealing with grief, funeral arrangements, and the emotional weight of sorting through a loved one's belongings.

If you're managing a high-value estate with complex holdings, the process becomes even more involved. Our guide on preparing a detailed asset inventory for high-value Connecticut estates covers the additional steps those situations require.

When do you need to file this form?

You need to file the asset inventory form as soon as you've been appointed as executor or administrator of the estate by the probate court. Connecticut gives you 60 days from the date of your appointment to submit it. The court may grant extensions in certain circumstances, but you shouldn't count on that. Filing late can raise questions about whether you're handling the estate properly.

Some executors mistakenly believe they can wait until they've settled debts or distributed assets before filing the inventory. That's backwards. The inventory comes first. It sets the foundation for everything else paying creditors, filing taxes, and eventually distributing what's left to beneficiaries.

What information goes on the form?

Connecticut's probate courts use a standardized form that breaks assets into specific categories. Here's what you'll typically need to include:

Real property Homes, land, rental properties, and any real estate the deceased owned, along with the town where each property is located and its appraised value
Bank accounts Checking, savings, CDs, and money market accounts, including the institution name and account balance on the date of death
Investments Stocks, bonds, mutual funds, retirement accounts (IRAs, 401(k)s), and brokerage accounts with their market value
Life insurance Policies payable to the estate (not those with named beneficiaries, which pass outside probate)
Vehicles and personal property Cars, boats, jewelry, art, collectibles, and furniture with meaningful value
Business interests Ownership stakes in LLCs, partnerships, sole proprietorships, or closely held corporations
Money owed to the deceased Outstanding loans, promissory notes, or other receivables
Miscellaneous assets Anything else of value, including digital assets, intellectual property, or cryptocurrency

For a full breakdown of what documents you'll need to gather, see our resource on required documents for a Connecticut estate asset inventory.

How do you determine fair market value?

Fair market value means what a willing buyer would pay a willing seller in an open market. It's not the replacement cost, not the insurance value, and not what the deceased paid for it. For some assets, this is straightforward a bank account balance is what it is. For others, you may need professional help.

Real estate usually requires a formal appraisal from a licensed appraiser. Collectibles, jewelry, art, and antiques should be appraised by someone with relevant expertise. Investment accounts are valued based on market prices on the date of death your brokerage statements will show this. Vehicles can be valued using resources like Kelley Blue Book, though a formal appraisal may be needed for specialty or classic vehicles.

One common mistake is using outdated values. If your loved one bought their home in 1985, the purchase price is irrelevant. What matters is what that property was worth on the day they died. Underestimating or overestimating values can cause problems with the court, with tax filings, and with beneficiaries who may question your numbers.

Our article on best practices for asset documentation in Connecticut probate goes deeper into how to get valuations right.

What's the difference between probate and non-probate assets?

Not everything the deceased owned goes through probate, and the inventory form only covers probate assets. Understanding this distinction matters because it affects what you list and what you skip.

Probate assets are those owned solely by the deceased with no automatic transfer mechanism. A house in one person's name, a bank account without a payable-on-death designation, a car titled only to the deceased these all go through probate and belong on the inventory form.

Non-probate assets pass directly to a named beneficiary or co-owner and bypass the court process entirely. These include:

Jointly owned property with rights of survivorship
Life insurance policies with named beneficiaries
Retirement accounts with designated beneficiaries
Assets held in a living trust
Bank accounts with payable-on-death (POD) or transfer-on-death (TOD) designations

You don't list non-probate assets on the inventory form, but you should still be aware of them. They can affect estate tax calculations and give beneficiaries a fuller picture of what's available to them.

What common mistakes do executors make with the asset inventory?

Over the years, certain errors come up again and again in Connecticut estate settlements:

Missing assets Forgetting about safe deposit boxes, small bank accounts, digital wallets, or property stored elsewhere. A thorough search of the deceased's financial records, tax returns, and mail usually uncovers forgotten accounts.
Using wrong valuation dates Some executors accidentally use the date they were appointed or the date they discovered the asset. The correct date is always the date of death.
Confusing probate and non-probate assets Listing jointly held property or beneficiary-designated accounts on the form creates confusion and can delay the process.
Undervaluing personal property "Old furniture" or "some jewelry" might actually be worth significant money. A quick professional appraisal is worth the cost.
Filing late Missing the 60-day deadline without requesting an extension puts the executor at risk of court action or removal.
Not keeping copies Always keep a copy of everything you file with the court. You'll need it later for tax purposes and beneficiary accounting.

For a step-by-step approach to avoiding these pitfalls, our executor's guide to asset inventory in Connecticut estates walks through the entire process.

Do you need a lawyer to fill out the form?

Connecticut doesn't technically require you to hire a lawyer for estate administration, but in practice, most executors benefit from legal guidance even if it's just a one-time consultation. The inventory form itself isn't complicated, but the decisions around it can be. Determining which assets are probate property, getting proper valuations, and handling contested items all benefit from professional input.

If the estate is straightforward a single home, a few bank accounts, no disputes among heirs you may be able to handle the inventory on your own. But if there are business interests, multiple properties, out-of-state assets, or family disagreements, working with a Connecticut probate attorney is money well spent.

What happens after you file the inventory?

Filing the inventory doesn't mean the estate is settled. It's an early step in a longer process. After the inventory is filed:

The court reviews the inventory for completeness
Creditor claims are evaluated against the estate's total value
Estate taxes and final income taxes are calculated using inventory values
Assets are eventually distributed to beneficiaries according to the will or Connecticut intestacy laws
A final accounting is prepared showing how all assets were handled

The inventory values flow directly into tax filings, so accuracy here prevents problems later. If you discover additional assets after filing, you can file an amended inventory with the court.

What about the estate tax exemption in Connecticut?

Connecticut is one of the few states with its own estate tax, and the exemption threshold is currently $12.92 million (2023 figure, adjusted periodically). If the total estate value including both probate and non-probate assets exceeds this amount, the estate may owe Connecticut estate tax regardless of whether it owes federal estate tax.

This is another reason the inventory needs to be thorough and accurate. Understating asset values might seem harmless, but if the estate is audited, the executor can be held personally liable for unpaid taxes and penalties.

For a complete overview of the documents involved, our page on the asset inventory form for Connecticut estate settlement covers everything in one place.

Practical checklist: Filing your Connecticut estate asset inventory

✅ Get appointed as executor or administrator by the Probate Court
✅ Gather the deceased's financial records tax returns, bank statements, deeds, investment statements
✅ Search for all assets: safe deposit boxes, digital accounts, insurance policies, outstanding debts owed to the estate
✅ Separate probate assets from non-probate assets
✅ Obtain appraisals for real estate, valuable personal property, and collectibles
✅ Determine fair market value for each asset as of the date of death
✅ Complete the Connecticut Probate Court inventory form with accurate values and descriptions
✅ File the completed form with the court within 60 days of your appointment
✅ Keep copies of everything you submit
✅ File an amended inventory if you discover additional assets later

One final tip: Start the inventory process immediately after your appointment, even before you have every piece of information. Track what you know, flag what you still need to find, and work toward the deadline steadily. Executors who start early and stay organized rarely have to ask for extensions.