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IC 29-1-12
Chapter 12. Inventory
IC 29-1-12-1
Classification of properties; appraisers; copies of inventories to
interested persons
Sec. 1. (a) Within two (2) months after the appointment of a
personal representative, unless a longer time is granted by the court,
the personal representative shall prepare a verified inventory of the
decedent's probate estate. The verified inventory must:
(1) consist of at least one (1) written instrument;
(2) indicate the fair market value of each item of property; and
(3) include a statement of all known liens and other charges on
any item.
(b) Property listed in the inventory required by subsection (a)
must be classified 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 it
has no par value, if preferred stock the dividend rate.
(5) Mortgages, bonds, notes or other written evidences of debt
or of ownership described by name of 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, but no
inventory of the partnership property shall be required.
(c) The personal representative may employ a disinterested
appraiser to assist in ascertaining the fair market value as of the date
of the decedent's death of any asset the value of which may be
subject to reasonable doubt. Different persons may be employed to
appraise different kinds of assets included in the estate. The name
and address of any appraiser must be indicated on the inventory with
the item or items appraised by the appraiser.
(d) The personal representative shall furnish a copy of the
inventory, or any supplement or amendment to it, to interested
persons who request it, unless the personal representative has filed
the original of the inventory, or any supplement or amendment to it,
with the court.
(Formerly: Acts 1953, c.112, s.1201; Acts 1971, P.L.409, SEC.1;
Acts 1975, P.L.288, SEC.18.) As amended by P.L.99-2013, SEC.5.
IC 29-1-12-2
Repealed
Indiana Code 2016
(Repealed by Acts 1975, P.L.289, SEC.3.)
IC 29-1-12-3
Distant places or types of property; separate inventory and
appraisement
Sec. 3. When such estate is situated in places distant from each
other or is composed of different types of property, the personal
representative may prepare the inventory in separate instruments for
each place or type of property.
(Formerly: Acts 1953, c.112, s.1203; Acts 1971, P.L.409, SEC.2;
Acts 1975, P.L.288, SEC.19.)
IC 29-1-12-4
Repealed
(Repealed by Acts 1975, P.L.288, SEC.51.)
IC 29-1-12-5
Right of action against executor; insolvent personal representative
Sec. 5. The naming of any person as executor in a will shall not
operate as a discharge or bequest of any right of action which the
testator had against such executor, but such right of action, if it
survives, shall be included among the assets of the decedent in the
inventory. If the personal representative is or becomes insolvent,
debts owed by him to the decedent shall not be deemed assets in his
hands in determining the liability on his bond.
(Formerly: Acts 1953, c.112, s.1205.)
IC 29-1-12-6
Evidence
Sec. 6. Inventories and appraisements may be given in evidence
in all proceedings, but shall not be conclusive, and other evidence
may be introduced to vary the effect thereof.
(Formerly: Acts 1953, c.112, s.1206.)
Indiana Code 2016
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