Inventory - Decedent Estate

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INVENTORY - DECEDENT ESTATE

What is an Inventory?

An Inventory is an official list filed or presented to the Probate Court and served on all interested parties of an estate that describes all the property owned by a Decedent and includes accurate values for the property. Personal Representatives must prepare an Inventory, Form PC 577, Inventory (Decedent Estate) and serve it on all interested parties.

When does an Inventory have to be filed or submitted?

For Unsupervised Administration (DE) – Must be submitted to the court within 91 days of the date the Personal Representative’s Letters of Authority were issued.

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

Note: You must timely submit the Inventory to the court or the estate will be administratively closed.

What has to be listed on an Inventory?

All the assets owned by the Decedent as of the date of death – these are the assets requiring probate administration.

  • For real estate, include the street address and the complete legal description as reflected on the deed.
  • 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, the vehicle identification number (VIN) may be submitted on an attached MC97.
  • For items with special value, list them separately (i.e., antiques, coin\stamp collections, art, fine dishes\silverware).
  • For bank accounts, list banking institution and amount. Do not provide financial account numbers on the inventory form. If an account number is necessary to distinguish between accounts, put it on form MC 97.

For additional information, see the instructions contained on the Inventory form (PC 577).

How are assets on an Inventory valued?

For all assets, use the fair market value as of the Decedent’s date of death.

  • For real estate, use any of the following methods: (1) two times the State Equalized Value (SEV) of the year of date of death, (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. Provide documentation verifying this amount.

(*Note: Obtain the State Equalized Value from the city assessor’s office prior to any property tax exemption is applied. The property tax exemption value does not indicate the value of the property.)

  • 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.

Note: The Probate Court will review the Inventory and submitted documentation of asset values to determine if it appears to be accurate and complete, and to officially calculate the inventory fee. The court record will reflect an Inventory Worksheet that will indicate what values have been verified. If all asset values have been verified by the court, the docket will show that the inventory fee is “FULL”. Alternatively, if there are asset values that must still be verified prior to the case being closed, the docket entry will reflect that the inventory fee is only “PARTIAL.” A decedent estate cannot be closed until the court has verified that the inventory is accurate and complete, with the inventory fee fully assessed and paid.

Is there a fee for filing an Inventory?

Yes. The inventory fee for Decedent Estates is based on the value of the property pursuant to a schedule according to Michigan law. Click here to have the fee calculated.

Please note:

  • For decedents dying before March 28, 2013, no deduction is allowed for any mortgage, lien or encumbrance on any asset.
  • For decedents dying on or after March 28, 2013, the inventory fee is based on the value of the estate less any lien(s) on parcel(s) of real estate. No parcel of real estate can be valued at less than zero, and there is no carryover to other estate assets.
  • 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.
  • There is a $5 inventory fee for an estate with a value of zero (0).
  • Fees can be paid via ePayment by Case Access, or by mailing a check/money order payable to the Wayne County Probate Court. Out of state checks are not accepted.

Who has to receive copies of an Inventory?

The interested persons for the estate. See the initial petition filed in your case for more information.


Filing Procedures -
Inventory - Decedents Estate
Checklist

Michigan law prohibits court employees from providing legal advice and completing forms, petitions, or documents. MCL 700.1211. Click here for a list of legal aid\legal services which may be able to provide you with assistance.

  1. Gather the following documents:
    Information (property tax statement, etc.) showing value of any real estate the Decedent owned as of the date of death.
    Mortgage balance\lien statement (if any) on any real estate the Decedent owned as of the date of death.

  2. Fill out the following forms:

    3. i. PC 577, Inventory (Decedent Estate)
    ii. PC 564, Proof of Service

  3. Important Note: You MUST use these forms; you cannot draft your own document.

  4. Click here to find out how you can file your inventory.

  5. Submit your completed documents to the Court in the following order (as one PDF if submitting electronically):

    6. i. PC 577, Inventory (Decedent Estate)
    ii. Documentation relating to the value of any real estate.
    iii. Documentation showing a mortgage balance\lien on any real estate.
    iv. PC 564, Proof of Service

  6. Inventory Fee

    i. Click here to have the inventory fee calculated.
    ii. If you file electronically or by fax, you will receive a notification to pay the inventory fee once your inventory has been accepted.
    iii. Fees can be paid:

    1) electronically via ePayment online or
    2) via mail or onsite at court payment by CHECK (no out-of-state checks)or MONEY ORDER
    3) Make checks payable to: “Wayne County Probate Court”
    4) Mail or deliver checks/money order along with a letter with your case # referencing what the payment is for to:

    Wayne County Probate Court
    1305 Coleman A. Young Municipal Center
    2 Woodward Ave.
    Detroit, MI. 48226

Rev. 4/25