Inventory
Inventory
Within two months of appointment, the personal representative or administrator of an Alabama estate must complete an inventory of the deceased person’s property and file it with the probate court.
The inventory should describe in reasonable detail each item of property owned by the decedent at the time of his death. It should state each item’s fair market value on the date of death, as well as the type and amount of encumbrance or lien (if any) on the item.
The inventory will be signed under oath, so it should be as accurate as possible. In some cases a professional appraiser will need to be hired to assist with valuing the assets. The inventory should be updated if the personal representative later discovers information that was left off or listed incorrectly.
Is There A Way To Avoid Filing An Inventory?
Yes. An inventory can be waived by the decedent in his will. Your probate attorney will check the will before preparing the probate petition, and if the personal representative was exempted from the inventory requirement by the will then that fact will be noted by the probate court.
However, if an interested party (the probate judge, an heir, etc.) can request that the court order an inventory even if it was waived by the will.
A Probate Lawyer Can Help
Are you a personal representative of an estate? A probate lawyer can help you prepare and file an inventory in a decedent’s estate. Call us at 205-553-5353 or come by our Tuscaloosa office to find out what we can do to make the probate process easier for you.