Classification of properties; appraisers; copies of inventories to
interested persons
Sec. 1. (a) Within two (2) months after his appointment, unless a
longer time shall be granted by the court, every personal
representative shall prepare a verified inventory in one (1) or more
written instruments, indicating the fair market value of each item of
property of the decedent which shall come to his possession or
knowledge, including a statement of all known, liens and other
charges on any item. Such property shall be classified therein as
follows:
(1) Real property, with plat or survey description, and if a
homestead, designated as such;
(2) Furniture and household goods;
(3) Emblements and annual crops raised by labor;
(4) Corporate stocks including the class, the par value or that it
has no par value, if preferred stock the dividend rate;
(5) Mortgages, bonds, notes or other written evidences of debt or
of ownership described by name of debtor, recording data, and other
identification;
(6) Bank accounts, money, and insurance policies if payable to the
estate of the decedent or to his personal representative;
(7) All other personal property accurately identified, including the
decedent's proportionate share in any partnership, but no inventory
of the partnership property shall be required.
(b) The personal representative may employ a disinterested
appraiser to assist him in ascertaining the fair market value as of the
date of the decedent's death of any asset the value of which may be
subject to reasonable doubt. Different persons may be employed to
appraise different kinds of assets included in the estate. The names
and addresses of any appraiser shall be indicated on the inventory
with the item or items he appraised.
(c) The personal representative shall furnish a copy of the
inventory, or any supplement or amendment to it, to interested
persons who request it, unless he has filed the original of the
inventory, or any supplement or amendment to it, with the court.
(Formerly: Acts 1953, c.112, s.1201; Acts 1971, P.L.409, SEC.1;
Acts 1975, P.L.288, SEC.18.)
Last modified: May 27, 2006