Sec. 1. (a) Within two (2) months after the appointment of a personal representative, unless a longer time is granted by the court, the personal representative shall prepare a verified inventory of the decedent's probate estate. The verified inventory must:

(1) consist of at least one (1) written instrument;

(2) indicate the fair market value of each item of property; and

(3) include a statement of all known liens and other charges on any item.

(b) Property listed in the inventory required by subsection (a) must be classified 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 it has no par value, if preferred stock the dividend rate.

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

(c) The personal representative may employ a disinterested appraiser to assist in ascertaining the fair market value as of the date of the decedent's death of any asset the value of which 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 appraised by the appraiser.

(d) The personal representative shall furnish a copy of the inventory, or any supplement or amendment to it, to interested persons who request it, unless the personal representative has filed the original of the inventory, or any supplement or amendment to it, with the court.

Formerly: Acts 1953, c.112, s.1201; Acts 1971, P.L.409, SEC.1; Acts 1975, P.L.288, SEC.18. As amended by P.L.99-2013, SEC.5.