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Texas Probate Code - Section 250. Inventory And Appraisement

Legal Research Home > Texas Laws > Probate Code > Texas Probate Code - Section 250. Inventory And Appraisement

§ 250. INVENTORY AND APPRAISEMENT. Within ninety days after his qualification, unless a longer time shall be granted by the court, the representative shall file with the clerk of court a verified, full and detailed inventory, in one written instrument, of all the property of such estate which has come to his possession or knowledge, which inventory shall include: (a) all real property of the estate situated in the State of Texas; (b) all personal property of the estate wherever situated. The representative shall set out in the inventory his appraisement of the fair market value of each item thereof as of the date of death in the case of grant of letters testamentary or of administration, as the case may be; provided that if the court shall appoint an appraiser or appraisers of the estate, the representative shall determine the fair market value of each item of the inventory with the assistance of such appraiser or appraisers and shall set out in the inventory such appraisement. The inventory shall specify what portion of the property, if any, is separate property and what portion, if any, is community property. If any property is owned in common with others, the interest owned by the estate shall be shown, together with the names and relationship, if known, of co-owners. Such inventory, when approved by the court and duly filed with the clerk of court, shall constitute for all purposes the inventory and appraisement of the estate referred to in this Code. The court for good cause shown may require the filing of the inventory and appraisement at a time prior to ninety days after the qualification of the representative. Acts 1955, 54th Leg., p. 88, ch. 55, eff. Jan. 1, 1956. Amended by Acts 1967, 60th Leg., p. 1816, ch. 697, § 4, eff. Aug. 28, 1967; Acts 1993, 73rd Leg., ch. 957, § 45, eff. Sept. 1, 1993.

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