Duty to create an inventory

By June 6, 2011Probate

We recently discussed the duty that AZ probate law imposes on personal representatives to give adequate notice.  As you can probably guess, this is but one of the many duties that personal representatives have under the Arizona Probate Code.  In addition to giving adequate notice, personal representatives must create an inventory of the probate estate to which they are appointed to oversee.

Creating an inventory is sometimes more difficult than others, depending on the size of the estate and the types of assets that the decedent owned.  Regardless of the difficulty, however, personal representatives must make a good faith effort to create an inventory that lists the fair market value of all estate property.  With real property, and even some personal property, this might require personal representatives to seek a professional appraisal.

Upon completing the inventory, personal representatives are required by the Arizona Probate Code to file it with the court, or mail a copy of it to every heir or devisee.  Further, if at any time the personal representative learns of an error in the inventory, he or she must make the proper amendments to the official inventory, and provide adequate notice to interested parties.  It is not uncommon for personal representatives to have trouble abiding by the inventory requirements, and an Arizona probate lawyer can help them stay on track.

The court does not take it lightly when personal representatives do not keep their obligations under the Arizona Probate Code.  Certain breaches can cause personal representatives to lose their position, or even be held personally responsible to the estate.  Personal representatives who have any confusion or concerns about issues such as creating a suitable inventory should consult with an Arizona probate attorney.

To speak with an Arizona probate attorney call the Law Offices of JacksonWhite. (480) 818-6912