Why Most Estates Take So Long to Settle
The typical estate takes 6-12 months to settle.1 Most of that time isn't legal work—it's searching.
Executors spend months hunting for bank accounts, insurance policies, passwords, and assets that may never be found. Families argue over who gets what because there's no clear record.
A simple estate inventory solves all of this.
When someone passes away, the executor becomes responsible for:
- Finding all financial accounts
- Locating insurance policies and beneficiaries
- Valuing personal property
- Paying debts and filing taxes
- Distributing assets according to the will
The problem: This information usually lives in one person's head or scattered across file cabinets, safe deposit boxes, and forgotten email accounts.
Without an organized inventory, executors resort to:
- Calling dozens of banks hoping to find accounts
- Searching through years of mail for policy statements
- Guessing at passwords and account numbers
- Hoping nothing important gets overlooked
The result: Delays, family conflict, and forgotten assets that are never claimed.
What Actually Needs to Be in an Estate Inventory
An effective estate inventory isn't just a list—it's a complete roadmap for your executor.
1. Financial Accounts
What to document:
- Bank accounts (checking, savings, CDs)
- Investment accounts (brokerage, IRAs, 401(k)s)
- Credit cards and outstanding debts
- Account numbers and institution names
Why it matters: Without account numbers, executors spend weeks calling financial institutions.
2. Real Estate and Vehicles
What to document:
- Property addresses and deeds
- Mortgage information
- Vehicle titles and VINs
- Rental properties and tenants
Why it matters: Real estate is often the largest estate asset. Executors need to secure property, continue paying mortgages, and eventually transfer or sell.
3. Insurance Policies
What to document:
- Life insurance (company name, policy number, beneficiaries)
- Homeowners and auto insurance
- Health and long-term care policies
- Location of policy documents
Why it matters: Life insurance benefits can't be paid out if nobody knows the policy exists.
4. Personal Property and Valuables
What to document:
- Jewelry and watches
- Collectibles (coins, art, antiques)
- Electronics and furniture
- Items with sentimental value
- Photos showing condition and approximate values
Why it matters: These items must be valued for tax purposes and distributed according to your wishes.
5. Digital Assets
What to document:
- Email and cloud storage accounts
- Cryptocurrency wallets and recovery phrases
- Social media accounts
- Online subscriptions and memberships
- Domain names and websites
Why it matters: Without passwords, digital assets are lost forever.
6. Important Documents
What to document:
- Location of will and trust
- Power of attorney documents
- Birth certificates, marriage licenses
- Military service records
- Tax returns (last 3-7 years)
Why it matters: These documents are legally required to settle the estate.
How to Create an Estate Inventory That Actually Helps
Step 1: Start With Financial Accounts
Make a list of every account where you have money:
- Banks and credit unions
- Investment firms
- Retirement accounts
- Insurance companies
For each, record:
- Institution name
- Account number or policy number
- Approximate value
- Beneficiary (if applicable)
Step 2: Document Real Estate and Vehicles
List every property and vehicle you own:
- Address or description
- Where the deed/title is located
- Outstanding mortgage or loan balance
- Who should inherit it (if you've decided)
Step 3: Inventory Valuable Personal Property
You don't need to list every dish and towel. Focus on:
- Items worth $100+
- Items with sentimental value
- Heirlooms you want specific people to have
- Collections (coins, art, jewelry, etc.)
Take photos and note approximate values.
Step 4: Document Digital Assets and Passwords
This is the step most people skip—and the one that causes the most problems.
List:
- Email accounts and passwords
- Online banking credentials
- Social media accounts
- Cryptocurrency wallets
- Cloud storage (Google Drive, iCloud, Dropbox)
Step 5: Add Instructions and Contact Information
Don't make your executor guess. Include notes like:
- "Contact Jane Smith (555-1234) at ABC Life Insurance to file claim"
- "Safe deposit box at First National Bank, key in desk drawer"
- "Close all social media accounts"
Step 6: Tell Someone Where to Find It
An inventory nobody can find is useless. Options:
- Tell your executor explicitly ("in the filing cabinet under Estate Planning")
- Store digitally with secure access (like Big TOA)
- Give a copy to your attorney
The Difference an Inventory Makes
Example for illustrative purposes:
Without an Inventory:
A widow in Texas spent 14 months settling her husband's estate. She found his main checking account easily, but missed:
- A retirement account at a former employer ($85,000)
- A life insurance policy through the military ($50,000)
- A small investment account ($12,000)
Total missed: $147,000. Eventually discovered by chance.
With an Inventory:
A family using an organized inventory accessed it the day after their father passed. The executor:
- Filed all necessary claims within 2 weeks
- Located every account on the first try
- Distributed assets within 90 days
- Avoided family conflict over "who gets what"
The difference: About 30 minutes of annual maintenance.
Common Mistakes to Avoid
Mistake #1: Forgetting digital assets
Email, photos, and cryptocurrency are often lost forever without documented passwords.
Mistake #2: Not updating values
An inventory from 10 years ago with outdated account numbers and values creates more confusion than help.
Mistake #3: Keeping it only in paper form
Paper records burn in fires, get destroyed in floods, and are hard to update.
Mistake #4: Not assigning specific items to heirs
"Mom wanted me to have the ring" leads to arguments. Document your wishes clearly.
Mistake #5: Telling nobody where it is
The best inventory in the world doesn't help if nobody knows it exists.
How Big TOA Makes Estate Inventory Simple
Instead of file cabinets and spreadsheets, Big TOA organizes everything in one secure place:
- 📋 Document all assets - financial, physical, digital—everything in one system
- 📷 Upload photos and documents - attach receipts, deeds, policies
- 👥 Assign heirs - mark who gets what to prevent confusion
- 🔒 Store securely - bank-level encryption protects sensitive information
- 📤 Share with executor - controlled access when the time comes
- 📄 Generate reports - instant summaries for attorneys or probate court
You control everything. Update anytime. Share only when needed.
Create Your Estate Inventory Free →
When to Update Your Inventory
Review and update at least once a year, or after:
- Marriage or divorce
- Birth of children or grandchildren
- Major purchases (home, vehicle, valuables)
- Opening or closing accounts
- Changes to beneficiaries
- Moving to a new state
Pro tip: Set a calendar reminder every January to review your inventory. Takes 15 minutes and prevents major problems.
Common Questions
Q: Do I need a lawyer to create an estate inventory?
No. You can create it yourself. Once you have it organized, your attorney can review it for legal compliance.
Q: What if I don't have all the details yet?
Start with what you know. Even partial documentation helps enormously. Fill in gaps over time.
Q: Should I include items with only sentimental value?
Yes—especially if you want specific people to receive them. This prevents family disputes.
Q: How do I share this with my executor?
Tell them where to find it ("in the file cabinet" or "on Big TOA"), or give them controlled access ahead of time.
Q: What happens if I don't have an inventory?
Your executor must reconstruct everything from scratch, which takes months and often results in missed assets.
One Final Thought
An estate inventory isn't about planning for death—it's about making life easier for the people you love.
When the time comes, they'll be grieving. The last thing they need is the added stress of searching for accounts and guessing your wishes.
Give them clarity instead of chaos. Start your estate inventory today.
Get Started Free - No Credit Card Required →
References
- American Bar Association. Estate Administration: How Long Does Probate Take? 2024. www.americanbar.org