Texas Estates Code 1154.051 – Inventory and Appraisement
(a) Not later than the 30th day after the date the guardian of the estate qualifies, unless a longer period is granted by the court, the guardian shall file with the court clerk a single written instrument that contains a verified, full, and detailed inventory of all the ward‘s property that has come into the guardian’s possession or of which the guardian has knowledge. The inventory must:
(1) include:
(A) all the ward’s real property located in this state; and
(B) all the ward’s personal property regardless of where the property is located; and
(2) specify:
(A) which portion of the property is separate property and which is community property; and
(B) if the property is owned in common with other persons, the ward’s interest in that property.
(b) The guardian shall:
(1) set out in the inventory the guardian’s appraisement of the fair market value of each item in the inventory on the date of the grant of letters of guardianship; or
(2) if the court has appointed an appraiser for the estate:
(A) determine the fair market value of each item in the inventory with the assistance of the appraiser; and
(B) set out in the inventory the appraisement made by the appraiser.
Terms Used In Texas Estates Code 1154.051
- Court: means and includes:
(1) a county court in the exercise of its probate jurisdiction;
(2) a court created by statute and authorized to exercise original probate jurisdiction; and
(3) a district court exercising original probate jurisdiction in a contested matter. See Texas Estates Code 22.007 - Estate: means a decedent's property, as that property:
(1) exists originally and as the property changes in form by sale, reinvestment, or otherwise;
(2) is augmented by any accretions and other additions to the property, including any property to be distributed to the decedent's representative by the trustee of a trust that terminates on the decedent's death, and substitutions for the property; and
(3) is diminished by any decreases in or distributions from the property. See Texas Estates Code 22.012 - Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Property: means real and personal property. See Texas Government Code 311.005
- Ward: means a person for whom a guardian has been appointed. See Texas Estates Code 22.033
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
(c) The court for good cause shown may require the guardian to file the inventory and appraisement not later than the 30th day after the date of qualification of the guardian.
(d) The inventory, when approved by the court and filed with the court clerk, is for all purposes the inventory and appraisement of the estate referred to in this title.