Completing a Maine Probate Inventory Form

Filing a probate inventory in Maine is one of the most important responsibilities you take on as a personal representative. If the form isn't filled out correctly, the court may reject it, delay the estate settlement, or even question whether you're managing the estate properly. Whether you were recently appointed executor or you're handling a loved one's estate for the first time, understanding how to complete the Maine probate inventory form will save you time, stress, and potential legal headaches down the road.

What is the Maine probate inventory form and why does the court require it?

The probate inventory is a court document that lists every asset the deceased person owned at the time of their death. The Maine probate court uses this form to get a clear picture of the estate's value before debts are paid and assets are distributed to beneficiaries. It's not optional state law requires the personal representative to file it within a set timeframe after being appointed.

The inventory typically covers real estate, bank accounts, investment accounts, vehicles, personal property, business interests, and any other assets. You'll need to assign a fair market value to each item as of the date of death, not the date you're filling out the form.

When do I need to file the inventory form?

In Maine, the personal representative must file the probate inventory within 90 days of being appointed by the court. This deadline is firm. If you need more time, you can request an extension from the probate court, but don't wait until the last minute to ask. If you're unsure about your timeline, reviewing the documents needed to file probate in Maine can help you plan your deadlines from the start.

Missing the filing deadline can result in the court requiring you to explain the delay, and in some cases, the court may take action to remove you as the personal representative.

Where do I get the inventory form?

Maine probate courts provide official forms that you need to use. You can get a copy directly from the probate court in the county where the estate is being probated, or you can access the form online. Our complete list of Maine probate court forms for executors includes the inventory and other documents you'll need throughout the process.

How do I fill out each section of the probate inventory?

Section 1: Decedent information

The first section asks for basic information about the person who passed away their full legal name, date of death, and county of residence. Make sure the name matches exactly what appears on the death certificate and in the court's probate file.

Section 2: Real estate

List all real property the deceased owned in Maine. For each property, include:

The property address and legal description (as found on the deed)
The type of ownership (sole ownership, joint tenancy, tenancy in common, etc.)
The fair market value as of the date of death

To determine fair market value, you can use a recent tax assessment, a comparative market analysis from a real estate agent, or a formal appraisal. Tax assessments are usually lower than actual market value, so be careful not to undervalue the property. If the property has a mortgage, list the mortgage balance separately as a debt in the liabilities section don't subtract it from the property value.

Section 3: Personal property and financial accounts

This is usually the longest section. You'll need to list:

Bank accounts (checking, savings, CDs) with balances as of the date of death
Investment accounts, stocks, bonds, and mutual funds
Retirement accounts (IRAs, 401(k)s) note whether the estate is the beneficiary
Life insurance proceeds payable to the estate
Vehicles, boats, and other titled property
Household furniture, jewelry, art, collectibles, and other personal belongings
Business interests, partnerships, or LLC memberships
Money owed to the deceased (receivables)

For bank and investment accounts, request statements from the financial institution showing the balance on the exact date of death. Most banks will provide this without charge if you show them your appointment papers from the probate court.

Section 4: Liabilities and debts

List all known debts, including mortgages, car loans, credit card balances, medical bills, tax obligations, and any other money the deceased owed. Include the creditor's name, the type of debt, and the outstanding balance.

One common question is whether you need to include debts you're not sure about. The answer is: list what you know at the time of filing. You can file an amended inventory later if you discover additional debts or assets.

Section 5: Jointly held property

Property held in joint tenancy with right of survivorship typically passes directly to the surviving owner and may not be part of the probate estate. However, you still need to report it on the inventory. The court wants a complete picture of the deceased's financial situation, even for assets that may not go through probate.

How do I determine fair market value for the estate assets?

Fair market value means what a willing buyer would pay a willing seller on the open market. Here are practical ways to value different types of assets:

Real estate: Hire a licensed appraiser or ask a real estate agent for a comparative market analysis
Vehicles: Use Kelley Blue Book or NADA Guides for the value based on the date of death
Bank accounts: Use the balance on the date-of-death statement from the bank
Investments: Use the closing price on the date of death
Household items: Estimate what the items would sell for at a yard sale or estate sale not replacement cost
Jewelry and collectibles: Get a professional appraisal for items worth more than a few hundred dollars

You don't need to appraise every single item in the house. Group low-value personal property together, such as "household furniture and contents" with a reasonable aggregate estimate.

What are the most common mistakes people make on the probate inventory?

After working with many executors going through the probate process, these are the errors that come up most often:

Using the wrong date for values. Every asset must be valued as of the date of death, not the date you're filling out the form or the date the asset is sold.
Forgetting about digital assets. Cryptocurrency, online payment accounts (like PayPal), and digital store credit balances are assets that need to be listed.
Leaving off jointly held property. Even though joint assets may pass outside of probate, they still belong on the inventory.
Not listing all debts. Some executors forget about final medical bills, outstanding tax returns, or small recurring debts.
Confusing probate and non-probate assets. Assets with designated beneficiaries like life insurance or retirement accounts may not be part of the probate estate, but they still need to be disclosed.
Undervaluing real estate. Using outdated tax assessments that are years old can significantly undervalue property and create problems with the court.

Do I need to file anything else with the inventory?

The inventory itself may need to be accompanied by supporting documents depending on the county. Some courts ask for copies of recent bank statements, vehicle titles, or property deeds along with the inventory form. Check with your specific probate court for their requirements.

If this is your first time dealing with probate filing, our instructions for first-time probate filers walk through the broader process so you know what to expect from start to finish.

What happens after I file the inventory?

Once you file the inventory, the court and the estate's beneficiaries will review it. Beneficiaries have the right to object if they believe assets are missing or valued incorrectly. If no objections are raised, the inventory becomes the official record of the estate's assets.

From here, your next steps as personal representative include paying valid debts, filing final tax returns, and eventually distributing assets to the beneficiaries according to the will (or Maine's intestacy laws if there's no will).

For smaller estates, you may be able to use a simplified process. If the estate qualifies, the small estate affidavit process in Maine can save you from some of the more involved probate steps.

Tips for making the inventory process less stressful

Start gathering financial documents as soon as you're appointed don't wait until the 90-day deadline is approaching
Open the deceased's mail for at least a few weeks to discover accounts and debts you might not know about
Contact all financial institutions early; some take weeks to provide date-of-death statements
Take photos of valuable personal property as you inventory the home
Keep a spreadsheet to track each asset, its value, and whether you've received documentation
When in doubt, list the asset it's better to over-report than to leave something off

The Maine Probate Courts website also provides instructions and resources that can help you understand your obligations.

Quick checklist before submitting your inventory

Confirm the decedent's name matches the court file and death certificate exactly
List all real property with legal descriptions and fair market values
List all financial accounts with date-of-death balances
Include vehicles, valuable personal property, and business interests
Report jointly held property even if it passes outside probate
List all known debts and liabilities
Verify every value is based on the date of death
Attach any supporting documents your specific court requires
Review the completed form for accuracy before signing
File within the 90-day deadline or request an extension before it passes

Completing the probate inventory form takes time and attention to detail, but it's a manageable task when you break it into steps. Gather your documents early, value assets carefully, and don't hesitate to ask the probate court clerk if you have questions about the form they can't give legal advice, but they can clarify what each section requires. Taking the time to get this right now will make every step that follows much smoother.