Completing the Inventory and Appraisement Form in Colorado

If you've been appointed as a personal representative of a Colorado estate, one of your earliest responsibilities is completing the inventory and appraisement form. This isn't optional paperwork it's a legal filing required by the probate court that lists every asset the deceased person owned and what each asset was worth at the time of death. Getting it wrong can delay the probate process, raise questions from beneficiaries, or even expose you to liability. Understanding how to complete this form correctly protects you as the executor and keeps the estate moving forward.

What Is the Colorado Inventory and Appraisement Form?

The inventory and appraisement is a court document filed by the personal representative (also called the executor or administrator) of a probate estate. It has two parts: the inventory, which lists all assets the decedent owned or had an interest in, and the appraisement, which assigns a fair market value to each asset as of the date of death.

In Colorado, this form is governed by the Colorado Uniform Probate Code, specifically the rules separating the inventory from the appraisement. The inventory identifies what exists. The appraisement tells the court what it's worth. Both are filed together on a single form, but they serve different legal purposes.

When Do You Have to File This Form?

Colorado law gives the personal representative three months after being appointed to file the inventory and appraisement with the court. If you need more time, you can request an extension, but you should not miss the deadline without asking. The filing timeline for Colorado executors is strict, and the court may take action if you fall behind.

The three-month window starts from the date the court issues your letters testamentary or letters of administration not from the date the person died and not from when you first started working on the estate.

What Assets Go on the Inventory?

You must list all assets in which the decedent had an ownership interest at the time of death. This includes:

Real property homes, land, rental properties, timeshares, and vacant lots located in Colorado or elsewhere
Bank accounts checking, savings, CDs, and money market accounts in the decedent's sole name (joint accounts with right of survivorship may pass outside probate, but you still list them)
Investment accounts brokerage accounts, stocks, bonds, mutual funds, and retirement accounts that don't have a named beneficiary
Personal property vehicles, jewelry, furniture, art, collectibles, firearms, electronics, and household goods
Business interests ownership in LLCs, partnerships, sole proprietorships, or closely held corporations
Money owed to the estate outstanding loans, tax refunds, pending lawsuit settlements, and unpaid wages
Life insurance or annuities payable to the estate rather than a named beneficiary

A common mistake is leaving off assets you assume are "not part of the estate." If the decedent's name was on it, list it. You can note your position on whether it's a probate asset or not, but the court wants a full picture. If you're unsure whether personal property items need to be appraised, err on the side of including them.

How Do You Determine the Value of Each Asset?

Every asset must be appraised at its fair market value on the date of death, not the date you're filling out the form. Fair market value means what a willing buyer would pay a willing seller, both with reasonable knowledge of the facts.

Real Property

For real estate, you'll typically need a professional appraisal or a broker's opinion of value. County assessor values are not the same as fair market value and usually won't satisfy the court. A licensed appraiser's report is the strongest evidence.

Financial Accounts

Bank accounts are straightforward use the balance on the date of death. For investment accounts and securities, use the closing price on the date of death. The brokerage firm can usually provide a date-of-death statement.

Vehicles and Tangible Personal Property

For vehicles, you can use resources like NADA Guides or Kelley Blue Book, adjusted for condition and mileage. For jewelry, art, or collectibles with meaningful value, hire a qualified appraiser. Routine household goods dishes, clothing, basic furniture can be estimated by the personal representative without a professional appraisal, but your estimate should be honest and reasonable.

The asset valuation rules followed by Colorado probate courts expect you to use good faith estimates backed by evidence when values are questioned.

Business Interests

Business valuations are complex. If the decedent owned a business, you should hire a professional business appraiser. This is not the place to guess.

What Does the Actual Form Look Like?

Colorado uses a standardized form provided by the probate court. The form is organized into categories. For each asset, you'll fill in:

Description of the asset what it is (e.g., "2019 Honda Accord," "Chase checking account ending in 4421," "residential property at 123 Main St, Denver")
Value on the date of death the appraised fair market value in dollars

Some courts have their own local forms. Check with the probate court in the county where the estate is being administered. The full instructions for completing the inventory and appraisement form walk through each section line by line.

The form also requires you to disclose any encumbrances on property mortgages, liens, or other claims. For real estate, you'll list the property and its value, then note the mortgage balance separately.

Who Gets a Copy of the Filed Inventory?

Once filed, the inventory and appraisement must be sent to all interested persons typically the beneficiaries named in the will or the heirs at law if there's no will. The court also keeps a copy. In some cases, the inventory is filed under seal, meaning it's not available to the general public, but the beneficiaries and their attorneys still receive it.

What Are the Most Common Mistakes?

Listing purchase price instead of current value. A house bought for $200,000 twenty years ago might be worth $600,000 today. The appraisement must reflect current fair market value.
Forgetting to include jointly held assets. Even if you believe a joint account passes by survivorship, you should still disclose it on the inventory.
Omitting digital assets. Cryptocurrency, PayPal balances, online payment accounts, and even valuable domain names or digital media libraries should be listed.
Skipping small-value items. Courts expect a complete inventory. A collection of tools, a gun safe, or a coin collection might seem minor but could have real value.
Using outdated financial statements. Always request date-of-death statements from financial institutions, not statements from weeks or months after death.
Not accounting for debts secured by property. If the decedent's house has a mortgage, list both the property value and the mortgage as a lien.

Do You Need a Professional Appraiser?

You're not required to hire a professional appraiser for every asset, but you are required to provide accurate values. For high-value items real estate, business interests, valuable collections, jewelry a professional appraisal protects you. If a beneficiary later challenges your numbers, a credible third-party appraisal is your best defense.

Colorado law allows the court to order an independent appraisal if it finds the personal representative's values are unreasonable. Save yourself the trouble and get it right the first time.

What Happens After You File?

After filing, interested parties have the right to object to the inventory if they believe assets are missing or values are wrong. If no objections are raised within the statutory period, the inventory stands. If objections are filed, the court may hold a hearing and may order additional appraisals.

The inventory and appraisement also affects other parts of the probate process determining executor fees, calculating estate taxes, and guiding the distribution of assets. An inaccurate inventory creates problems downstream.

Quick Checklist Before You File

Use this checklist to make sure your inventory and appraisement is complete and accurate:

☐ Gathered date-of-death statements from all banks and financial institutions
☐ Listed all real property with professional appraisals or broker opinions of value
☐ Included all vehicles, boats, and titled personal property with current market values
☐ Appraised or estimated value of jewelry, art, collectibles, and firearms
☐ Listed all business interests with professional valuations where needed
☐ Disclosed all jointly held accounts and property
☐ Included digital assets cryptocurrency, online accounts with balances
☐ Noted all liens, mortgages, and encumbrances on property
☐ Listed money owed to the estate outstanding loans, pending refunds, settlements
☐ Sent copies to all interested persons after filing with the court
☐ Filed within three months of appointment or requested an extension
☐ Used fair market value as of the date of death not purchase price or current replacement cost

Take this one section at a time. Start with the bank and financial accounts since those are easiest to confirm with statements. Move to real property next, then tackle personal property. If you get stuck, the Colorado Judicial Branch provides court forms and self-help resources that can point you in the right direction.

Next step: Before you fill in a single line, request date-of-death statements from every financial institution where the decedent held an account. This single action eliminates the most common source of errors and gives you the foundation for everything else on the form.