22 NYCRR 207.20: Inventory of Assets

22 NYCRR Section 207.20 governs the Inventory of Assets that must be filed in New York Surrogate's Court after letters issue.

Rule Text

Section 207.20 Inventory of assets.

(a) The fiduciary or the attorney of record shall furnish the court with an Inventory of Assets form which identifies the following:

(1) those assets that either were owned by the decedent individually, including those in which the decedent had a partial interest, or were payable or transferrable to the decedent's estate, by indicating the total value thereof by letter only for one of the following categories:

A-under $10,000;
B-$10,000 to under $20,000;
C-$20,000 to under $50,000;
D-$50,000 to under $100,000;
E-$100,000 to under $250,000;
F-$250,000 to under $500,000;
G-$500,000 or over; and

(2) those assets held in trust; those assets over which the decedent had the power to designate a beneficiary; jointly owned property; and all other non-probate property of the decedent by checking yes or no.

(b) The Inventory of Assets form shall be filed with the court within nine months of the date letters issued to the fiduciary or as the court otherwise directs.

(c) In the event the Inventory of Assets is not filed, the court may refuse to issue certificates, may revoke the letters and may refuse to issue new ones until such list has been filed and the fees paid as provided in SCPA 2402. Failure to file such list of assets may also constitute grounds for disallowance of commissions or legal fees.

(d) If any additional filing fees are due, they shall be paid to the court at the time of the submission of the inventory.

What Must Be Included

The fiduciary—or the attorney of record—must file an Inventory of Assets form identifying two categories of property.

1. Probate Assets Reported by Letter Only

Assets that were:

• Owned by the decedent individually (including assets in which the decedent had a partial interest), or
• Payable or transferable to the decedent's estate

must be reported by category only, by indicating the total value by letter for one of the following ranges:

• A: Under $10,000
• B: $10,000 to under $20,000
• C: $20,000 to under $50,000
• D: $50,000 to under $100,000
• E: $100,000 to under $250,000
• F: $250,000 to under $500,000
• G: $500,000 or over

2. Non-Probate Assets Reported by Yes/No Only

The form must also indicate—by checking yes or no—whether the decedent had:

• Assets held in trust
• Assets over which the decedent had the power to designate a beneficiary
• Jointly owned property
• Other non-probate property

Deadline

The Inventory of Assets form must be filed within nine months of the date letters issued to the fiduciary, unless the court directs otherwise.

What Happens if It Is Not Filed

If the Inventory of Assets is not filed, the court may:

• Refuse to issue certificates
• Revoke the letters
• Refuse to issue new letters until the inventory is filed and the fees are paid as provided in SCPA 2402

Failure to file may also be grounds for disallowance of commissions or legal fees.

Filing Fees

If any additional filing fees are due, they must be paid to the court when the inventory is submitted.

Further Reading

• 5 Warren's Heaton on Surrogate's Court Practice § 65.01 Fiduciary Required to File with Court Inventory of Estate Assets.