INVENTORY

 

What is an Inventory? 

 

An Inventory is an official list filed or submitted to the Probate Court that describes all the property owned by a Decedent, Protected Individual, or an Individual with Developmental Disabilities and includes accurate values for the property.  Personal Representatives, Conservators, and Guardians of the Estate of an Individual with Developmental Disabilities must prepare an Inventory.  

 

Forms Used – PC 577, Inventory (Decedent Estate)

PC 674, Inventory (Conservatorship or Guardian of the Estate of an Individual with Developmental Disabilities)       

 

 

When does an Inventory have to be filed or submitted? 

 

Decedent Estate

 

            For Unsupervised Administration (DE) – Must be submitted within 91 days of the date the Personal Representative’s Letters of Authority were issued.  Note: The Probate Court will review the Inventory to determine if it appears to be accurate and complete, and to officially calculate the inventory fee.  The Inventory will be returned to the Personal Representative unless they would like to file it with the Court. 

 

            For Supervised Administration (DA) – Must be filed within 91 days of the date the Personal Representative’s Letters of Authority were issued. 

 

Conservatorship

 

            Must be filed within 56 days of the date the Conservator’s Letters of Authority were issued. 

 

Guardian of the Estate of an Individual with Developmental Disabilities

 

            Must be filed within 56 days of the date the Guardian of the Estate’s Letters of Authority were issued. 

 

 

What has to be listed on an Inventory?

 

For Decedent Estates, all the assets owned by the Decedent at the date of death. 

 

For Conservatorships or Guardianships of the Estate for an Individual with Developmental Disabilities, all the assets owned by the Protected Individual or the Individual with Developmental Disabilities at the date the fiduciary’s Letters of Authority were issued. 

 

For real estate, include the street address and the complete legal description as reflected on the deed. 

 

For motor vehicles, boats, trailers, or motor homes, include the year, make, model, and vehicle identification number (VIN). 

 

For ordinary items, combine them into categories (i.e., clothing, furniture, etc.). 

 

For items with special value, list them separately (i.e., antiques, coin\stamp collections, art, fine dishes\silverware). 

 

Note: For Conservatorships, list the property the Protected Individual owns with others, along with the type of ownership (i.e., joint tenancy, tenancy in common, etc.). 

 

For additional information, see the instructions contained on the Inventory forms (PC 577 or PC 674). 

 

 

How are assets on an Inventory valued?   

 

For all assets, use the fair market value as of the date of death (for Decedent Estates) or the date the fiduciary received their Letters of Authority (for Conservatorships and Guardianships of the Estate for an Individual with Developmental Disabilities).    

 

For real estate, use any of the following methods: (1) two times the State Equalized Value (SEV), (2) a value based on a full narrative appraisal by a licensed appraiser within one year of the date of death, or (3) a sales price if the property was sold within one year of the date of death. 

 

If you use an appraisal for any item(s), include a copy of the appraisal with the Inventory. 

 

List the amount and type of any mortgage, lien, or encumbrance on any particular asset. 

 

 

Is there a fee for filing an Inventory? 

 

For Decedent Estates – Yes. 

 

For Conservatorships and Guardianships of Estates of Individuals with Developmental Disabilities – No. 

 

Important Note #1: No deduction is allowed for any mortgage, lien or encumbrance on any asset. 

 

Important Note #2: The inventory fee must be paid within one year of the date the Personal Representative received their Letters of Authority or the filing of a Sworn Statement to Close Administration or Petition for Complete Estate Settlement, whichever is earlier. 

 

The inventory fee for Decedent Estates is based on the value of the property pursuant to a schedule according to Michigan law.  To determine the fee, go to the Inventory Fee Calculator on the Court’s website. 

 

Note: Fees can be paid by cash, check, or money order payable to the Wayne County Probate Court.  No credit cards, debit cards, or out of state checks are accepted. 

 

 

Who has to receive copies of an Inventory? 

 

The interested persons for the particular type of case.  See the initial petition filed in your proceeding for more information. 

 

 

Rev. 1/08