Estate Inventory and Appraisal — Maine

INVENTORY AND APPRAISEMENT OF THE ESTATE

(INVENTORY AND APPRAISAL — 18-C M.R.S. § 3-706)

Before filing: Maine Probate Rule 84 requires official forms in Probate Court matters. Transfer the information below to the court's Probate Inventory, Form DE-405, and file that official form, with any needed continuation sheets. This document may be used to prepare the inventory or as the inventory mailed to interested persons who request it under § 3-706(1); it is not the court filing form. On DE-405, report each item's gross date-of-death fair market value separately from encumbrances, and complete its gross and net estate calculation.

COURT CAPTION

1. PERSONAL REPRESENTATIVE

This inventory is prepared within 3 months after appointment as required by 18-C M.R.S. § 3-706, and is:

☐ Transferred to official Form DE-405 and filed with the Probate Court (and will be furnished to interested persons on request — § 3-706(2)); or
☐ Mailed to all interested persons who requested it (and may also be filed with the Court — § 3-706(2)).

2. DECEDENT INFORMATION

Each item is listed with reasonable detail and its fair market value as of the date of the Decedent's death, the controlling valuation date under 18-C M.R.S. § 3-706, together with the type and amount of any encumbrance.

3. DUTY AND DEADLINE

Pursuant to 18-C M.R.S. § 3-706(1), within 3 months after appointment a personal representative who is not a special administrator or a successor who has previously discharged this duty shall prepare and file with the court or mail to all interested persons who request it an inventory of property owned by the Decedent at the time of death, listing it with reasonable detail and indicating, as to each item, its fair market value as of the date of death and the type and amount of any encumbrance. The inventory must also include a schedule of credits of the Decedent (debts owed to the Decedent), with the names of the obligors, the amounts due, and the nature of the obligations (see Schedule E).

Information to heirs and devisees must separately be given within 30 days of appointment under 18-C M.R.S. § 3-705.

4. APPRAISAL AND VALUATION METHOD

Under 18-C M.R.S. § 3-707, the personal representative may employ a qualified and disinterested appraiser to ascertain the fair market value (as of the date of death) of any asset whose value may be subject to reasonable doubt; different appraisers may value different kinds of assets, and the name and address of any appraiser must be indicated on the inventory next to the item(s) appraised.

☐ Personal representative's good-faith valuation (no appraiser employed)
☐ Qualified, disinterested appraiser employed (noted beside the item below — § 3-707)
☐ Date-of-death account statements (financial institutions)
☐ Municipal assessment / comparable sales (real estate)
☐ Broker statements (securities); NADA/dealer quotation (vehicles)

SCHEDULE A — REAL PROPERTY

Schedule A Subtotal: $[________________]

SCHEDULE B — TANGIBLE PERSONAL PROPERTY

Schedule B Subtotal: $[________________]

SCHEDULE C — CASH, BANK & FINANCIAL ACCOUNTS

Schedule C Subtotal: $[________________]

SCHEDULE D — SECURITIES & BUSINESS INTERESTS

Schedule D Subtotal: $[________________]

SCHEDULE E — OTHER ASSETS & SCHEDULE OF CREDITS

Schedule E Subtotal: $[________________]

RECAPITULATION / SUMMARY

PERSONAL REPRESENTATIVE'S SIGNATURE

I, [PERSONAL REPRESENTATIVE FULL LEGAL NAME], the duly appointed and qualified personal representative of the Estate of [DECEDENT FULL LEGAL NAME], state that I have made diligent inquiry into the property of the Decedent and that the foregoing Inventory and Appraisal lists, with reasonable detail, the property owned by the Decedent at the time of death known to me, together with the fair market value of each item as of the date of death and any encumbrances thereon.

Executed on [__/__/____] at [CITY], Maine.

Personal Representative Signature: ______________________________________
Printed Name: [PERSONAL REPRESENTATIVE FULL LEGAL NAME]

OPTIONAL APPRAISER DETAILS

I, the undersigned, am a qualified and disinterested appraiser employed by the personal representative. I appraised the item(s) identified beside my name in the schedules above and certify that the value(s) stated represent, in my professional judgment, the fair market value as of the date of death of the Decedent.

ATTORNEY OF RECORD

Attorney for the Estate: [ATTORNEY NAME]
Maine Bar No.: [________________]
Firm / Address: [________________________________]
Telephone / Email: [________________________] / [________________________]

CERTIFICATE OF FILING / MAILING AND FURNISHING

This Inventory and Appraisal was, on [__/__/____]:

☐ Filed on official Form DE-405 with the [COUNTY] County Probate Court under 18-C M.R.S. § 3-706(1).

☐ Mailed to all interested persons who requested it under 18-C M.R.S. § 3-706(1). The personal representative ☐ also filed / ☐ did not file the mailed inventory with the court.

If the inventory was filed with the court, copies were furnished to interested persons who requested them under 18-C M.R.S. § 3-706(2):

Signature: ______________________________________
Printed Name: [PERSONAL REPRESENTATIVE / ATTORNEY NAME]

ATTACHMENTS CHECKLIST

☐ Descriptions / deeds for real estate (Schedule A)
☐ Date-of-death financial account statements (Schedule C)
☐ Brokerage statements / stock certificates (Schedule D)
☐ Appraisal reports, if an appraiser was employed
☐ Schedule of credits (debts owed to the Decedent) (18-C M.R.S. § 3-706(1))
☐ Supplementary inventory for after-discovered property or corrected values (18-C M.R.S. § 3-708), if applicable
☐ Court filing confirmation, if filed with the court