Section 3-706
(a)
Within 3 months after appointment, a personal representative, who is not a successor to another representative, shall prepare an inventory of the property owned by the decedent at the time of death, listing it with reasonable detail and indicating the fair market value of each listed item as of the date of death, and the type and amount of any encumbrance that may exist with reference to any item.
(b)
Within 3 months after appointment, a successor personal representative shall prepare an inventory of the property of the estate, listing it with reasonable detail and indicating the fair market value of each listed item as of the date of the successor personal representative's appointment, and the type and amount of any encumbrance that may exist with reference to any item.
(c)
The personal representative shall file with the court, or mail to all interested persons whose addresses are reasonably available, a copy of the inventory. The personal representative may also file the original of the inventory with the court.
Comment
If the personal representative breaches duty concerning the inventory, the personal representative may be removed. Section 3-611. Or, an interested person seeking to surcharge a personal representative for losses incurred as a result of the personal representative's administration might be able to take advantage of any breach of duty concerning inventory. The section provides two ways in which a personal representative may handle an inventory. If the personal representative elects to send copies to all interested persons, information concerning the assets of the estate need not become a part of the records of the probate court. The alternative procedure is to file the inventory with the court. This procedure would be indicated in estates with large numbers of interested persons, where the burden of sending copies to all would be substantial. The Court's role in respect to the second alternative is simply to receive and file the inventory with the file relating to the estate.
Massachusetts comment
This follows Massachusetts procedure of G.L. c. 195, § 5 except that filing with the court is not required by the Code. This section clarifies the issue of whether appraisal shall be as of the date of death or date of appointment. See Section 3-908 for deed of distribution to establish title in a distributee.
Chapter 140 of the Acts of 2012 amended this section to require a new inventory from a successor personal representative.