If you’re handling a Colorado estate after someone has passed away, the inventory step isn’t just paperwork it’s the foundation for everything that follows in probate. Without an accurate, complete, and timely inventory of what the person owned, the court can’t approve distributions, creditors can’t be properly notified, and beneficiaries may wait months longer than necessary. The Colorado estate inventory process steps exist to make sure assets are identified, valued, and documented correctly under state law not to create extra work, but to prevent disputes and delays later on.

What exactly is the Colorado estate inventory process?

The Colorado estate inventory process is the formal step where the personal representative (executor or administrator) lists all assets owned solely by the deceased at the time of death real estate, bank accounts, vehicles, personal belongings, investments, and more. It’s not about guessing or estimating; it’s about gathering proof, assigning fair market values as of the date of death, and filing a verified list with the probate court within 90 days of appointment. This inventory becomes part of the official court record and helps determine whether the estate qualifies for simplified procedures like small estate affidavits or must go through full probate.

When do you need to start the inventory process?

You begin right after being officially appointed by the court as personal representative usually when Letters Testamentary or Letters of Administration are issued. Colorado law gives you 90 days from that appointment date to file the completed inventory. That clock starts even if you’re still locating assets or waiting for appraisals. For example, if the decedent owned a Denver condo, a 401(k), and a vintage guitar collection, you’ll need documentation for each: a recorded deed or title search for the real estate, a statement from the plan administrator for the retirement account, and photos or appraisal notes for the guitar collection. You don’t need perfect valuations on day one, but you do need to show good-faith effort and avoid letting the deadline slip.

How do you actually list assets in Colorado probate?

Start by separating assets into categories: real property, financial accounts, tangible personal property, and intangible assets like stocks or business interests. For real estate, you’ll need legal descriptions, county assessor records, and sometimes a recent appraisal details covered in our guide on Colorado probate documentation for real estate. For personal items like jewelry, furniture, or tools, you don’t need individual appraisals unless they’re high-value but you do need clear descriptions and reasonable estimates. Our page on how to list personal property in Colorado probate walks through grouping items, using sale prices from similar local listings, and avoiding vague terms like “miscellaneous household goods.”

What forms and documentation does Colorado require?

Colorado doesn’t mandate a single statewide form, but most courts expect a typed, itemized list that includes: asset description, date-of-death value, how the value was determined, and whether the asset is encumbered (e.g., a mortgaged home). Some counties, like Jefferson or Larimer, provide optional templates but what matters most is clarity and consistency. You’ll also need supporting documents: bank statements dated close to the death date, vehicle titles, stock account summaries, and deeds. Learn more about what counts as acceptable documentation in our overview of Colorado probate asset inventory form requirements.

What mistakes do people commonly make?

One frequent error is omitting assets held jointly or with beneficiary designations like a payable-on-death bank account or a life insurance policy naming a specific person. Those assets usually pass outside probate, so they don’t belong on the inventory. Another mistake is listing assets at purchase price instead of fair market value as of the date of death. A house bought in 1995 for $120,000 isn’t worth that today even if no recent sale occurred, you’ll need a county assessor’s value or a licensed appraiser’s estimate. Also, don’t forget digital assets: cryptocurrency wallets, domain names, or online business revenue streams. They’re easy to overlook, but Colorado law treats them like any other asset if they’re owned solely by the decedent.

What should you do next?

Gather statements, titles, deeds, and recent appraisals. Make two columns: one for assets you’ve confirmed and valued, another for items still being located or researched. If you’re unsure whether something belongs on the inventory or how to value it review our detailed walkthrough on completing an asset inventory in a Colorado probate case. And remember: you’re allowed to file an amended inventory later if new assets surface or values change significantly. But filing something complete and honest by the 90-day deadline is your first real priority.

Quick checklist before filing:

  • ✓ All real property listed with legal description and county-assessed value or appraisal
  • ✓ Financial accounts include institution name, account number (last 4 digits only), and balance as of date of death
  • ✓ Personal property grouped meaningfully (e.g., “kitchen appliances,” “books and records”) with estimated values
  • ✓ No jointly held or beneficiary-designated assets included
  • ✓ Signed and verified under penalty of perjury

If you’re representing an estate in Colorado, the Colorado Judicial Branch website provides official probate forms and local court instructions check your county’s page for any specific filing preferences.