2005 Nevada Revised Statutes - Chapter 144 — Inventory and Appraisement
CHAPTER 144 - INVENTORY AND APPRAISEMENT
NRS 144.010 Inventoryand appraisement or record of value to be made and filed; copy mailed tointerested heirs and devisees.
NRS 144.020 Appraisers:When appointment authorized; compensation; record of value in lieu ofappraisement.
NRS 144.025 Certifiedpublic accountant or other expert in valuation: When appointment authorized;compensation.
NRS 144.030 Certificationof appraiser, certified public accountant or expert in valuation; form ofappraisement or valuation; purchase by appraiser, certified public accountantor expert in valuation without disclosure prohibited; penalties.
NRS 144.040 Inventory:Contents.
NRS 144.050 Claimsagainst personal representative.
NRS 144.060 Statusof claim against personal representative.
NRS 144.070 Oathof personal representative endorsed upon or annexed to inventory.
NRS 144.080 Failureto file inventory: Revocation of letters; liability on bond.
NRS 144.090 Supplementalinventory of newly discovered property.
_________
NRS
1. Every personal representative shall make and filewith the clerk, within 60 days after appointment, unless the court extends thetime, a true inventory and appraisement or record of value of all the estate ofthe decedent that has come to the possession or knowledge of the personalrepresentative.
2. The personal representative, within 10 days afterfiling the inventory with the clerk, shall mail a copy to all the interestedheirs of an intestate estate, or to the devisees of a testate estate, or toboth interested heirs and devisees, if a contest of the will of the decedent ispending. Proof of the mailing of the copies must be made and filed in theproceeding.
[98:107:1941; 1931 NCL 9882.98](NRS A 1971, 9,1163; 1975, 1769; 1999,2298)
NRS
1. A personalrepresentative may engage a qualified and disinterested appraiser to ascertainthe fair market value, as of the decedents death, of any asset the value ofwhich is subject to reasonable doubt. Different persons may be engaged toappraise different kinds of assets included in the estate.
2. Any suchappraiser is entitled to a reasonable compensation for the appraisal and may bepaid the compensation by the personal representative out of the estate at anytime after completion of the appraisal.
3. If there isno reasonable doubt as to the value of assets, such as money, deposits in banksor credit unions, bonds, policies of life insurance, or securities for money orevidence of indebtedness, and the asset is equal in value to cash, the personalrepresentative shall file a verified record of value in lieu of theappraisement.
4. If it appears beyond reasonable doubt that therewill be no need to sell assets of the estate to pay the debts of the estate orexpenses of administration, or to divide assets for distribution in kind to thedevisees or heirs, the personal representative may petition the court for anorder allowing a verified record of value to be filed in lieu of theappraisement, and the court may enter such an order with or without notice.
[Part 99:107:1941; 1931 NCL 9882.99](NRS A 1973,419; 1975, 1769; 1999,1458, 2298;
NRS
1. A personal representative may engage a certifiedpublic accountant or other expert in valuation to ascertain the fair marketvalue, as of the date of the death of the decedent, of the interest of thedecedent in a corporation, partnership, limited-liability company or otherartificial person.
2. The certified public accountant or expert invaluation is entitled to a reasonable compensation for his services and may bepaid the compensation by the personal representative out of the estate at anytime after completion of the report of the valuation.
(Added to NRS by 1997, 1486; A
NRS
1. Beforeproceeding, an appraiser, certified public accountant or expert in valuationshall certify a willingness to truly, honestly and impartially appraise orvalue the property according to that persons best knowledge and ability. Thecertification must be contained in the appraisal or valuation or filed with thecourt.
2. Theappraiser, certified public accountant or expert in valuation, shall thenproceed to appraise the property of the estate. Each item with a value of morethan $500 must be set down separately with the value thereof in dollars andcents in figures opposite each item.
3. An appraiser, certified public accountant or expertin valuation who directly or indirectly purchases any property of an estate,without full disclosure to and approval by the court, is guilty of amisdemeanor. A sale made in violation of the provisions of this subsection isvoid.
[Part 100:107:1941; 1931 NCL 9882.100](NRS A 1973,419; 1977, 660; 1985, 1214; 1997, 1486;
NRS
1. Aninventory must include all the estate of the decedent, wherever situated, thatis subject to the jurisdiction of the court.
2. Theinventory must contain:
(a) All theestate of the decedent, real and personal.
(b) A statementof all receivables, partnerships, and other interests, bonds, mortgages, notes,and other securities for the payment of money, belonging to the decedent,specifying the name of the debtor in each security, the date, the sumoriginally payable, any endorsements with their dates, and the sum which, inthe judgment of the appraiser, may be collectible on each debt, interest orsecurity.
(c) Mortgagesof any kind on the real and personal property of the estate.
3. Theinventory must also show:
(a) So far ascan be ascertained, what portion of the estate is community property and whatportion is the separate property of the decedent.
(b) An account of all money belonging to the decedentthat has come into the possession of the personal representative.
[Part 99:107:1941; 1931 NCL 9882.99] + [Part100:107:1941; 1931 NCL 9882.100](NRS A 1973, 420; 1975, 1770;
NRS
[101:107:1941; 1931 NCL 9882.101](NRS A
NRS
[102:107:1941; 1931 NCL 9882.102](NRS A
NRS
[103:107:1941; 1931 NCL 9882.103](NRS A 1973, 420;1987, 1301; 1997, 1486;
NRS
[104:107:1941; 1931 NCL 9882.104](NRS A
NRS
1. If propertynot mentioned in an inventory filed with the clerk comes into the possession orknowledge of the personal representative, the personal representative shallfile a supplementary inventory of that property within 20 days after its discovery,in the same manner as an original inventory.
2. The court may enforce the filing of a supplementaryinventory as provided in NRS 144.080.
[105:107:1941; 1931 NCL 9882.105](NRS A 1973, 420;1975, 1770; 1999,2301)
Disclaimer: These codes may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.