INVENTORY

(a) Contents and Filing. Unless an inventory has been previously filed, the personal representative must file an inventory of the estate within 60 days after issuance of letters. The inventory must contain notice of the beneficiaries’ rights under subdivision

(e), list the estate with reasonable detail, and include for each listed item (excluding real property appearing to be protected homestead property) its estimated fair market value at the date of the decedent’s death. Real property appearing to be protected homestead property must be listed and so designated.

(b) Extension. On petition the time for filing the inventory may be extended by the court for cause shown without notice, except that the personal representative must serve copies of the petition and order on the persons described in subdivision (d).

(c) Amendments. A supplementary or amended inventory containing the information required by subdivision (a) as to each affected item must be filed and served by the personal representative if:

(1) the personal representative learns of property not included in the original inventory;

(2) the personal representative learns that the estimated value or description indicated in the original inventory for any item is erroneous or misleading; or

(3) the personal representative determines the estimated fair market value of an item whose value was described as unknown in the original inventory.

(d) Service. The personal representative must serve a copy of the inventory and all supplemental and amended inventories on the surviving spouse, each heir at law in an intestate estate, each residuary beneficiary in a testate estate, and any other interested person who may request it in writing.

(e) Information. On request in writing, the personal representative must provide the following:

(1) to the requesting residuary beneficiary or heir in an intestate estate, a written explanation of how the inventory value for an asset was determined or, if an appraisal was obtained, a copy of the appraisal; and

(2) to any other requesting beneficiary, a written explanation of how the inventory value for each asset distributed or proposed to be distributed to that beneficiary was determined or, if an appraisal of that asset was obtained, a copy of the appraisal.

(f) Notice to Nonresiduary Beneficiaries. The personal representative must provide to each nonresiduary beneficiary written notice of that beneficiary’s right to receive a written explanation of how the inventory value for each asset distributed or proposed to be distributed to that beneficiary was determined or a copy of an appraisal, if any, of the asset.

(g) Elective Share Proceedings. After entry of an order determining the surviving spouse’s entitlement to the elective share, the personal representative must file an inventory of the property entering into the elective estate which must value the elective estate assets as required by law and identify the direct recipient, if any, of that property. The personal representative must serve the inventory of the elective estate as provided in rule 5.360. On request in writing, the personal representative must provide an interested person with a written explanation of how the inventory value for an asset was determined and must permit an interested person to examine appraisals on which the inventory values are based.

(h) Verification. All inventories must be verified by the personal representative.