Completing asset inventory in a Colorado probate case means listing every item of value the deceased person owned at the time of death real estate, bank accounts, vehicles, jewelry, stocks, and even debts owed to the estate and filing that list with the court. It’s not optional paperwork. It’s a legal requirement under Colorado Rule of Probate Procedure 4.1, and it must be done within 60 days after the personal representative is appointed.

What does “completing asset inventory” actually involve?

It’s more than just writing down what you remember. You need to identify, describe, assign a fair market value as of the date of death, and cite supporting documentation for each asset. For example: a house in Denver needs a description (address, lot size), an estimated value (often from a recent appraisal or county assessor data), and proof like a deed or title details covered in our guide on documentation for real estate in the inventory process. A used pickup truck requires the VIN, mileage, condition, and a Kelley Blue Book value not just “Dad’s truck.”

When do you need to file the inventory?

You must file the completed inventory with the district court in the county where the decedent lived. The deadline is strict: 60 days after your appointment as personal representative. If you miss it, the court can issue an order to show cause or require you to explain why you’re late. Extensions are possible but require a written motion with good cause, not just being busy or waiting for appraisals.

What mistakes do people commonly make?

Underreporting assets is the most frequent error especially overlooked retirement accounts, digital assets (like cryptocurrency wallets), or life insurance policies with named beneficiaries who predeceased the decedent. Another common mistake is listing assets at purchase price instead of fair market value on the date of death. Also, mixing estate assets with personal property for instance, including a surviving spouse’s separate bank account creates confusion and delays.

How do you handle personal property like furniture or heirlooms?

You don’t need to list every coffee mug, but you do need to group similar items meaningfully: “living room furniture,” “kitchen appliances,” or “collection of vintage watches.” Assign reasonable values based on resale or auction estimates not sentimental value. Our step-by-step guide on how to list personal property in Colorado probate walks through grouping, valuing, and describing these items without overcomplicating it.

Where do you get the official form and instructions?

Colorado uses JDF Form 997 the “Inventory and Appraisement.” You’ll fill it out online or by hand, then file it with the court. The form has specific formatting rules: handwritten entries aren’t accepted unless approved, and all values must be in whole dollars. Details about acceptable formats, signatures, and notarization are spelled out in the form requirements guide.

What happens after you file?

The court doesn’t approve or reject the inventory it becomes part of the public record. But interested parties (heirs, creditors, or beneficiaries) can review it and object if something seems missing, overvalued, or misclassified. That’s why accuracy matters: errors can trigger disputes, delay distributions, or expose you to personal liability as the personal representative.

What’s the next step after completing the inventory?

Once filed, you move to the next phase: managing and protecting those assets while the estate settles debts and prepares for distribution. That includes opening an estate checking account, paying valid claims, and tracking income or expenses related to estate property. You can follow the full sequence in the step-by-step overview of the Colorado estate inventory process.

Before you file: Double-check that every asset is categorized correctly (real property vs. personal property vs. intangible), that values reflect the date-of-death standard, and that supporting documents like deeds, stock statements, or vehicle titles are gathered and ready if requested. If you’re unsure about valuation or classification, consult a probate attorney or certified appraiser not just a family member’s estimate.