Inventory Legal Meaning and Definition

Here is a simplified definition of the legal term Inventory.

Inventory (noun)

  1. In a legal context, an inventory is a detailed list of all the items, belongings, and assets owned by an individual, especially made after their death. It's often used in probate proceedings to help allocate the deceased individual's possessions.
  2. In business, an inventory refers to the complete list of stock or items that a company has available for sale.

Note: While the same term, the context (law versus business) greatly affects its meaning.