What is an Inventory?

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An Inventory is an official list filed with the Probate Court that describes all the property owned by a Decedent and the time of their death which includes the accurate values for the property.

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Form Used: PC 577 - Inventory (Decedent Estate).

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When does an Inventory have to be filed?

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The Inventory must be filed within 91 days of the date the Personal Representative’s Letters of Authority were issued.

 

What has to be listed on an Inventory?

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All the assets owned by the Decedent at the date of death.

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For real estate, include the street address and the complete legal description as reflected on the deed. Attach a copy of recent appraisal or tax statement showing the SEV (State Equalized Value).

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For motor vehicles, boats, trailers, or motor homes, include the year, make, model and vehicle identification number (VIN). Attach a copy of an appraisal.

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For bank accounts list the name and address of the financial institution and attach a copy of statement.

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For mutual funds/stocks and bonds list the name and address of the financial institution and attach a copy of statement.

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For ordinary items, combine them into categories (i.e., clothing, furniture, etc.).

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For items with special value, list them separately (i.e., antiques, coin/stamp collections, art, fine dishes/silverware).

 

How are assets on the Inventory valued?

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

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For real estate, use any of the following methods: (1) two times the State Equalized Value (SEV), (2) a value based on a full narrative appraisal by a licensed appraiser within one year of the date of death.

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If you use an appraisal for any item(s), include a copy of the appraisal with the Inventory.

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Is there a fee for filing an Inventory?

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The inventory fee for Decedents Estates is based on the value of the property pursuant to a schedule according to Michigan law. The Court will advise you of the Inventory Fee after the Inventory has been reviewed.

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The inventory fees 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.

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Fees can be paid by cash, check or money order payable to the Chippewa County Probate Court. No credit cards, debit cards, or out of state checks are accepted.

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Who has to receive copies of the Inventory?

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All interested person of the estate. The initial petition filed in the estate lists the interested person. A Proof of Service must be filed with the Court showing that the Inventory was served on all interested persons.

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Where do I file the Inventory?

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The Inventory must be filed at the Chippewa County Probate Court office in person. Court staff will review the Inventory and supporting documentation and the Proof of Service form to make sure all interested persons listed.

 

What if I need photocopies made?

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There is a $1 per page charge for each photocopy made.