§ 29-1-12-1 — Classification of properties; appraisers; copies of inventories to interested persons

(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.