If you are the executor of a Maryland estate, one of your first big tasks is figuring out what the decedent owned and what it was worth. The state requires a detailed accounting on the Maryland estate tax return (Form MET-1), and you cannot complete that form without a thorough document inventory. Getting the inventory right from the start saves you time, reduces stress, and helps you avoid penalties or delays with the Comptroller of Maryland.

What exactly is a Maryland estate tax return document inventory?

A document inventory is simply a complete list of every financial document, property record, and legal paper you need to prepare the Maryland estate tax return. Think of it as your master checklist. It includes bank statements, investment account records, real estate deeds, appraisals, life insurance policies, and any gifts the decedent made during their lifetime. The inventory is not filed with the state. Instead, it is your working tool to make sure nothing gets missed when you report the estate's value.

When do you start gathering documents?

Start as soon as you are appointed executor. In Maryland, the estate tax return is generally due nine months after the date of death, similar to the federal estate tax deadline. That timeline goes fast. You should begin collecting statements, property records, and beneficiary designations within the first few weeks. Waiting until the last minute increases the chance you will overlook a document or make a calculation error.

What documents belong in your inventory?

You will need records that cover every asset and every deduction the estate claims. Here is what most executors include in their inventory:

Financial accounts and cash assets

• Bank statements and savings account records (typically 6 months before death)
• Certificates of deposit and money market account statements
• Brokerage and investment account statements
• Retirement account statements (IRA, 401(k), 403(b))
• Annuity contracts and beneficiary designation forms

Real estate and tangible property

• Deeds for all real property owned by the decedent
• Recent property tax assessments or appraisals
• Mortgage statements and loan payoff information
• Vehicle titles and boat registrations
• Appraisals for valuable personal property (jewelry, art, collectibles)

Life insurance and retirement benefits

• Life insurance policies and beneficiary designation forms
• Pension and retirement plan documents
• IRA beneficiary forms

Gifts and transfers

• Records of any large gifts made within three years of death
• Trust agreements and any transfers into or out of trusts
• Gift tax returns (Form 709) that were previously filed

Debts and expenses

• Funeral bills and burial expense receipts
• Outstanding medical bills and credit card statements
• Mortgage payoff statements
• Executor fees and professional service invoices

What mistakes do executors commonly make with the inventory?

The most frequent error is skipping small or informal assets. People forget to include personal checking accounts that only held a small balance, or they overlook a payable-on-death account because it passed directly to a beneficiary. But the Maryland estate tax return requires you to report the total gross estate, which includes jointly held assets and accounts with beneficiary designations. Another common mistake is missing the three-year lookback on gifts. If the decedent gave away more than the annual exclusion amount in the three years before death, those gifts may still be part of the taxable estate. Executors also often forget to get a formal appraisal for real estate or business interests, which can lead to an incorrect valuation.

How do you keep the inventory organized?

Create a single folder, either digital or physical, and label every document clearly. A good habit is to group documents by type: bank accounts, investments, real estate, debts, and gifts. Use a checklist and mark off each category as you collect the paperwork. If you are working with a probate attorney or accountant, share your inventory early. They can tell you if anything is missing before you start filling out the Maryland estate settlement tax forms required by the Comptroller. That step alone saves hours of rework.

You also need to keep proof of valuation for every asset you report. An appraisal report, a broker statement, or a tax assessment all count as proof. The Comptroller of Maryland may ask to see this proof of valuation support during review, so do not throw anything away until the return is fully accepted.

What is the best way to build your inventory from scratch?

Start with the decedent's mail, bank safe deposit box, tax returns from the last three years, and computer files. Look for recurring statements, 1099 forms, and property tax bills. If the decedent worked with a financial advisor or accountant, reach out to them for a list of accounts and policies. You can also run a free search through the Maryland Unclaimed Property database to see if the decedent had any forgotten accounts or refunds. Once you have a full picture, cross-reference everything against the documents needed for Maryland estate tax return preparation to confirm nothing is missing.

Tips for staying on track with your document inventory

Set a deadline for yourself. Aim to have your full inventory complete within 90 days of the death. That gives you enough time to request missing statements or appraisals before the tax return due date. Use a simple spreadsheet or checklist app to track what you have and what you still need. If the estate is large or complicated, consider hiring a probate attorney or tax preparer early. They can help you organize your documents on a practical timeline and avoid last-minute scrambles.

Also, keep a log of every person you talk to and every document request you make. If a bank is slow to send a statement, you want to be able to show the Comptroller that you made a good-faith effort to get it. That kind of record keeping protects you as the executor.

Your next step

Download a blank Maryland estate tax return (Form MET-1) and read through it one time. As you scan each line, write down the documents you would need to fill that line accurately. That exercise becomes your custom inventory checklist. Once you have that list, start collecting the documents in the order the return asks for them. If you run into a missing record, move on and circle back later. The important thing is to start now, not when the deadline is looming.