Property Required in a Mississippi Estate Inventory

When someone passes away in Mississippi, the person handling their estate has to file an inventory with the court. This isn't optional it's required by law. And if you leave out property that should have been listed, you could face personal liability, delays in probate, or even removal as executor. Knowing exactly what property must be included in a Mississippi estate inventory protects you, protects the heirs, and keeps the process moving forward.

What counts as "estate property" under Mississippi law?

Estate property includes everything the deceased person owned or had an interest in at the time of their death. This means real estate, bank accounts, vehicles, personal belongings, business interests, retirement accounts, life insurance payable to the estate, and even debts owed to the deceased. Under Mississippi Code § 91-7-63, the executor or administrator must file a complete and accurate inventory of all estate assets with the chancery court.

Think of it this way: if the deceased person had any legal right to it, or owned any part of it, it likely belongs on the inventory.

Do I include jointly owned property?

This is one of the most common questions people have. The short answer is: it depends on the type of joint ownership.

Joint tenancy with right of survivorship Property held this way passes automatically to the surviving owner at death. It generally does not go through probate and usually does not need to be listed on the estate inventory. This often applies to bank accounts or real estate titled between spouses.

Tenancy in common The deceased person's share does pass through probate. You would need to include their fractional interest in the inventory. For example, if the deceased owned 50% of a rental property as a tenant in common, that 50% interest must be listed.

When you're unsure about the type of ownership, check the deed, account agreement, or title document. If it's still unclear, review the chancery court inventory form instructions for guidance on how to report different ownership types.

What specific types of property should be on the inventory?

Here's a breakdown of common asset categories that Mississippi courts expect to see:

Real estate Homes, land, rental property, timeshares, and any real property located in Mississippi or elsewhere
Bank accounts Checking, savings, CDs, and money market accounts solely in the deceased's name
Vehicles and titled property Cars, trucks, boats, motorcycles, RVs, and trailers
Investments Stocks, bonds, mutual funds, brokerage accounts, and cryptocurrency
Retirement accounts IRAs, 401(k)s, and pensions (only if the estate is named as beneficiary)
Life insurance Policies payable to the estate rather than a named individual beneficiary
Personal property Furniture, jewelry, electronics, art, collectibles, firearms, and household items
Business interests Ownership in LLCs, partnerships, sole proprietorships, or closely held corporations
Money owed to the deceased Outstanding loans the person made, pending lawsuit settlements, or tax refunds
Safe deposit box contents Anything stored in a box at a bank under the deceased's name
Digital assets Online accounts with monetary value, such as PayPal balances, cryptocurrency wallets, or domain names

If you're working through the executor responsibilities, our guide on listing deceased assets in Mississippi walks through each category in more detail.

Do I list the value of each item, and how do I determine it?

Yes. Mississippi requires each asset to be listed with its fair market value as of the date of death not the purchase price, not the replacement cost, and not what you think someone might pay for it someday.

Fair market value means what a willing buyer would pay a willing seller in an open market. For common assets, here's how to approach valuation:

Real estate Use the county tax assessment as a starting point, but a professional appraisal is more accurate and may be required for high-value property
Vehicles Check NADA guides or Kelley Blue Book for fair market value
Bank accounts Use the balance as of the date of death
Household items Estimate what items would sell for at an estate sale or auction, not original retail price
Investments Use the closing price on the date of death

Getting accurate values matters because the total estate value determines filing requirements, potential estate taxes, and how assets are eventually distributed.

What about debts and liabilities do those go on the inventory too?

The inventory itself is focused on assets, not debts. However, debts are part of the broader estate administration process. You'll need to address creditor claims separately. The inventory document filed with the court is specifically for property the estate owns or has rights to.

That said, understanding the estate's debts helps you determine whether certain assets need to be liquidated to pay obligations before distributing anything to heirs. This is a key part of Mississippi probate court asset documentation requirements.

What happens if I forget to include something?

Omitting property even by accident can create real problems. If a beneficiary or creditor discovers that assets were left out, they can petition the court. The executor may be held personally liable for any loss caused by an incomplete inventory. In serious cases, the court can remove the executor and appoint someone else.

Common mistakes include:

Forgetting about safe deposit boxes
Leaving out small bank accounts or old investment accounts
Not listing personal property like jewelry or firearms
Skipping digital assets with real monetary value
Excluding property located outside of Mississippi
Assuming jointly held assets don't need to be listed when they actually do

When in doubt, list it. It's always easier to remove something from the inventory later than to explain why it was left out in the first place.

How do I actually file the inventory with the court?

In Mississippi, the inventory must be filed with the chancery court in the county where the deceased lived. You typically have 90 days from the date of your appointment as executor or administrator to file it. Extensions are sometimes available if you're waiting on appraisals or account statements.

The court provides a specific form for the inventory. If you need step-by-step help with the filing process, see our walkthrough on how to file an estate inventory as executor in Mississippi.

Does out-of-state property need to be included?

Property owned in other states should still be listed on the Mississippi inventory, but it may also require a separate ancillary probate proceeding in the state where it's located. Including it on the Mississippi inventory gives the court a complete picture of the estate, even if that state has its own probate process for the property.

Quick checklist before you file the estate inventory

Search thoroughly Check mail, email, filing cabinets, safe deposit boxes, and online accounts for any assets you might have missed
Confirm ownership type Determine whether each asset is solely owned, jointly owned, or held in trust
Get accurate valuations Use fair market value as of the date of death for every item
Include all categories Real estate, financial accounts, vehicles, personal property, business interests, and digital assets
Check for out-of-state property Don't forget land, accounts, or vehicles registered in other states
Review the court form Make sure you're using the current version of the chancery court inventory form
File within the deadline Submit the inventory within 90 days of your appointment, or request an extension if needed
Keep copies Retain a copy of the filed inventory and all supporting documents for your records

Practical tip: Walk through every room in the deceased person's home, check their vehicle glove compartment for titles and registrations, and contact their bank and financial advisor to make sure no accounts have been overlooked. A single afternoon of careful searching can save you months of headaches down the road.