If you are the personal representative of an estate, you have the responsibility of creating an inventory of property. According to Kent County, you should provide an inventory of assets with the probate court within 91 days of the person’s death.
To ensure you do this task correctly, you need to make sure that you use the right forms provided by the court.
The law does not mandate that you file the inventory with the court. However, you will have to provide enough information to the court to allow it to figure the inventory fee. Still, it is advisable to create an inventory as this can help make your job much easier in the long run. It also creates a permanent record on file that you can refer back to in the future if needed.
The main purpose of an inventory is to determine the inventory fee. This fee is a requirement for estates. You must pay it either one year after the death or before the estate closes. The law requires payment at whichever time is earlier.
A good inventory will include the details of each asset along with its fair market value. You should also note any important details, such as a lien. When you have an appraisal, you need to include the contact details for the appraiser by the item in the list. You can amend the list later if you discover additional property. Generally, you will only itemize property that is valuable. Personal items are usually listed together with a general value assigned. Make sure to be as detailed as possible when listing real estate or incredibly valuable items.
The inventory can be a huge help to you as you navigate the estate and probate process.