What is required on an estate inventory.
One of the first tasks must be completed during the administration of an estate is the inventory. The inventory must be completed within 60 days of the appointment of a personal representative and provide estimates of the value of the property as of the date of death.
ORS 113.165 Filing inventory and evaluation
Within 60 days after the date of appointment, unless a longer time is granted by the court, a personal representative shall file in the estate proceeding an inventory of all the property of the estate that has come into the possession or knowledge of the personal representative. The inventory shall show the estimates by the personal representative of the respective true cash values as of the date of the death of the decedent of the properties described in the inventory.
Determining the values of assets is generally straightforward. You can look at the balance of a bank account or investment account at the date of death.
Sometimes the estate will have unusual or unique property that must be appraised. Oregon law allows the personal representative to hire an appraiser that will be paid by the estate as a necessary expense.
ORS 113.185 Appraisement
(1) The personal representative may employ a qualified and disinterested appraiser to assist the personal representative in the appraisal of any property of the estate the value of which may be subject to reasonable doubt. Different persons may be employed to appraise different kinds of property.
(2) The court in its discretion may direct that all or any part of the property of the estate be appraised by one or more appraisers appointed by the court.
(3) Property for which appraisement is required shall be appraised at its true cash value as of the date of the death of the decedent. Each appraisement shall be in writing and shall be signed by the appraiser making it.
(4) Each appraiser is entitled to be paid a reasonable fee from the estate for services and to be reimbursed from the estate for necessary expenses.
Personal Items and Household Goods.
Generally speaking, it is fine to lump the household goods and personal items together on the inventory. If the items have a substantial value, they should be listed individually on the inventory.
When determining a "substantial value", most attorneys rely on 26 CFR 20.2031-6 - Valuation of household and Personal effects.
(b) Special rule in cases involving a substantial amount of valuable articles. Notwithstanding the provisions of paragraph (a) of this section, if there are included among the household and personal effects articles having marked artistic or intrinsic value of a total value in excess of $3,000 (e.g., jewelry, furs, silverware, paintings, etchings, engravings, antiques, books, statuary, vases, oriental rugs, coin or stamp collections), the appraisal of an expert or experts, under oath, shall be filed with the return. The appraisal shall be accompanied by a written statement of the executor containing a declaration that it is made under the penalties of perjury as to the completeness of the itemized list of such property and as to the disinterested character and the qualifications of the appraiser or appraisers.
Amended and Supplemental Inventories
Occasionally the personal representative will have to correct or add information to the inventory that was filed with the court.
When the information filed with the court was incorrect, the personal representative must file an amended inventory to correct that mistake.
A supplemental inventory is required when the personal representative finds property of the estate after the original inventory has been filed.
Other types of assets
Real estate located outside of Oregon should not placed on the inventory. Certain beneficial interests may or may not be listed on the inventory. You should talk to your attorney if you have any questions regarding beneficial interests.