Sec. 3.2. (a) Not more than two (2) months after the appointment of a personal representative under this chapter, the personal representative shall prepare a verified inventory of the decedent‘s probate estate. The inventory may consist of at least one (1) written instrument.

     (b) The inventory required under subsection (a) must indicate the fair market value of each item of property belonging to the probate estate, including a statement of all known liens and other charges on any item. The property must be classified in the inventory 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 the stock has no par value, and if preferred stock, the dividend rate.

(5) Mortgages, bonds, notes, or other written evidences of debt or of ownership described by the name of the 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. However, no inventory of the partnership property is required.

     (c) In preparing the inventory required under subsection (a), the personal representative may employ a disinterested appraiser to ascertain the fair market value as of the date of the decedent’s death of an asset that has a value that 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 the appraiser appraised.

     (d) The personal representative shall furnish a copy of the inventory required under subsection (a), or a supplement or amendment to the inventory, to a distributee who requests a copy.

     (e) The personal representative may certify to the court that the inventory required under subsection (a), a supplement, or an amendment to the inventory has been prepared and is available. However, the court may not require the personal representative to file a copy of the inventory, a supplement, or an amendment to the inventory with the court.

As added by P.L.130-1992, SEC.3. Amended by P.L.182-1999, SEC.5; P.L.99-2013, SEC.2.