Inventories
Sec. 3.2. (a) Not more than two (2) months after the appointment
of a personal representative under this chapter, the personal
representative shall prepare a verified inventory of the estate's assets.
The inventory may consist of at least one (1) written instrument.
(b) The inventory required under subsection (a) must indicate the
fair market value of each item of property of the decedent of which
the personal representative has possession or knowledge, including
a statement of all known liens and other charges on any item. The
property shall be classified in the inventory as follows:
(1) Real property, with plat or survey description, and if a
homestead, designated as a homestead.
(2) Furniture and household goods.
(3) Emblements and annual crops raised by labor.
(4) Corporate stocks, including the class, the par value or that
the stock has no par value, and if preferred stock, the dividend
rate.
(5) Mortgages, bonds, notes, or other written evidences of debt
or of ownership described by the name of the debtor, recording
data, and other identification.
(6) Bank accounts, money, and insurance policies if payable to
the estate of the decedent or to the decedent's personal
representative.
(7) All other personal property accurately identified, including
the decedent's proportionate share in any partnership. However,
no inventory of the partnership property is required.
(c) In preparing the inventory required under subsection (a), the
personal representative may employ a disinterested appraiser to
ascertain the fair market value as of the date of the decedent's death
of an asset that has a value that 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
the appraiser appraised.
(d) The personal representative shall furnish a copy of the
inventory required under subsection (a), or a supplement or
amendment to the inventory, to a distributee who requests a copy.
(e) The personal representative may certify to the court that the
inventory required under subsection (a), a supplement, or an
amendment to the inventory has been prepared and is available.
However, the court may not require the personal representative to file
a copy of the inventory, a supplement, or an amendment to the
inventory with the court.
As added by P.L.130-1992, SEC.3. Amended by P.L.182-1999,
SEC.5.
Last modified: May 27, 2006