(A) Within ninety days after his appointment, a personal representative, who is not a special administrator or a successor to another representative who has previously discharged this duty, shall:

(1) prepare an inventory and appraisement of probate property owned by the decedent at the time of his death, listing it with reasonable detail, and indicating as to each listed item, its fair market value as of the date of the decedent’s death, and the type and amount of any encumbrance that may exist with reference to any item;

(2) file the original of the inventory and appraisement with the court; and

(3) mail a copy of the filed inventory and appraisement to interested persons who have filed a demand for notice of the filing of the inventory pursuant to § 62-3-204.

(B) Within ninety days of a demand by an interested person for an inventory of nonprobate property, the personal representative shall:

(1) prepare a list of the property owned by the decedent at the time of his death that is not probate property, so far as is known to the personal representative which may, at the discretion of the personal representative, include the value and nature of the decedent’s interest in the property on the date of the decedent’s death;

(2) mail a copy of the list to each interested person who has requested the list; and

(3) file proof of the mailing with the probate court.

(C) The court, upon application of the personal representative, may extend the time for filing or making either the inventory and appraisement or list of nonprobate property provided for in this section.