For estate lawyers, no stage is more foundational than building an accurate inventory of the decedent’s assets. This is where cases are won, delays are avoided, and surprises are neutralized before they spark litigation.
At EstateMin
, we know that even the most skilled attorney can waste valuable time chasing scattered records or clarifying inconsistent asset descriptions. Our platform brings clarity and structure to what’s often a foggy and fragmented process. Below, we’ve broken down the core asset categories every NYC probate lawyer should be tracking along with common examples and why they matter.
Real Property
Real estate can be a time sink if improperly documented. Whether it’s a Brooklyn brownstone, a Manhattan co-op, or a rental duplex in Queens, probate hinges on getting:
- Full address
- Type of ownership (sole, joint, tenancy by entirety)
- Current estimated value
Bank & Cash Accounts
This includes:
- Checking and savings accounts
- Certificates of deposit (CDs)
- Safe deposit boxes
You’ll need to know the institution, last known balance, and ownership details (especially if joint). It's also vital to confirm valuation at the date of death and date of distribution.
Investment Accounts & Equities
Probate lawyers often find these assets surprisingly elusive:
- Brokerage accounts
- Stocks and bonds
- Mutual funds
- Cryptocurrency wallets
Ownership and beneficiary designation (or lack thereof) are key especially if you’re trying to determine whether probate is even necessary.
Retirement Accounts
Even if these are technically non-probate (due to beneficiary designations), they still must be disclosed.
- Traditional and Roth IRAs
- 401(k)s
- Pension plans
In some estates, retirement portfolios are the largest line item and require special attention for tax planning and reporting.
Annuities (Qualified and Non-Qualified)
Annuities can be deceptively complex. Whether qualified (tax-advantaged) or non-qualified, their treatment depends on the contract structure and beneficiary setup.
- Confirm payout terms
- Document beneficiary status
- Classify accurately for probate purposes
Vehicles
Don’t overlook titled property, especially when jointly owned or financed.
- Cars, boats, motorcycles
- Recreational vehicles
- Leased vs. owned distinctions
EstateMin makes it easy to log VINs, lenders, and fair market values at intake.
Business Interests
Whether it’s a sole proprietorship or LLC, business ownership must be properly appraised and documented.
- Operating businesses
- Passive interests in partnerships
- Family-run LLCs with complicated succession paths
Probate delays often stem from missed or misvalued business assets.
Personal Property (Tangible Assets)
Often underestimated, this category includes:
- Jewelry
- Art
- Collectibles
- Furniture and electronics
- Firearms
- Precious metals (gold, silver, bullion)
While a Rolex or Warhol print clearly needs valuation, even modest items can trigger conflict due to family circumstances.
Life Insurance Policies
Not all policies bypass probate. If the estate is the named beneficiary or if no one is these must be included in the inventory.
- Term and whole life policies
- Group policies through employers
- Unclaimed or unknown beneficiary statuses
EstateMin Tip: Track policy details and payout eligibility early to prevent claim delays.
Loan Receivables
Was the decedent a lender? Even informal loans between family or friends count.
- Promissory notes
- Documented payment schedules
- Loans to businesses or individuals
Every receivable is an asset—even if repayment feels unlikely.
Cryptocurrency
These digital assets require careful access management and reporting.
- Bitcoin, Ethereum, and altcoins
- Wallet provider or cold storage
- Documentation of private keys
Failing to account for crypto can leave value and liability on the table. Many family members may not be aware of the decedent's crypto account and it is important to document these in advance where possible. Refer to our article on How to Handle Cryptocurrency in Probate NYC.
Trust Interests
If the decedent was a beneficiary of a trust, that interest may need to be disclosed even if not currently distributable.
- Revocable living trusts
- Irrevocable trusts
- Testamentary trust interests
Knowing whether and how these factor into probate is essential for accurate accounting.
Refunds & Prepaid Accounts
These often go unnoticed but can create headaches if discovered late.
- Tax refunds
- Utility deposits
- Subscription or service credits
- Class-action settlements
EstateMin helps you track them all in one place.
Why It All Comes Back to Organization
Probate isn’t just about knowing what the assets are it’s about confirming their value and location while showing the court that the executor has met their fiduciary duty.
This is where EstateMin shines. We’ve built tools specifically for probate attorneys that:
- Automatically categorize assets into court-ready inventory groups
- Generate downloadable summaries of the entire details of a case
- Streamline client intake with secure, guided questionnaires
- Reduce rework by centralizing uploads, notes, and valuations in one organized view
- Cut review time with smart prompts and built-in issue spotting for missing or conflicting data
Final Word
In a high-stakes, document-heavy practice like probate law, clean records aren’t just helpful they’re strategic, saving time on admin and preventing mistakes. EstateMin gives New York attorneys the edge by organizing estate data from day one. Because in probate, a missing asset isn’t just an oversight and time delay, it’s a liability.
Looking to streamline your probate workflow?EstateMin can help you deliver faster, cleaner filings without losing your mind, or your billable hours. Get in touch today.