Estate Inventory and Appraisement (Michigan)

IMPORTANT: THIS IS A PREPARATION GUIDE — USE OFFICIAL FORM PC 577

Michigan requires the SCAO-approved form PC 577 (Inventory — Decedent Estate)
for the inventory in a decedent estate. The form is available from the Michigan
Courts (https://www.courts.michigan.gov/siteassets/forms/scao-approved/pc577.pdf).
This template provides the substantive content to help you prepare; transfer your
content to PC 577 before filing or presenting. Do not file this document in place
of the official form.

INVENTORY AND APPRAISEMENT OF THE ESTATE

1. PERSONAL REPRESENTATIVE INFORMATION

2. DECEDENT INFORMATION

3. DUTY AND FILING DEADLINE

Pursuant to MCL 700.3706, within 91 days after appointment (or another time specified by court rule), a personal representative—other than a special personal representative or a successor whose predecessor already discharged this duty—shall prepare an inventory of property owned by the decedent at death. The inventory must list the property with reasonable detail and state each item's fair market value as of the date of death and the type and amount of any encumbrance. The representative must send a copy to every presumptive distributee and to each other interested person who requests it, and must timely submit the information needed to calculate the probate inventory fee. In supervised administration, MCR 5.310(C)(1) also requires filing the inventory with the court and serving copies on interested persons; in unsupervised administration, MCL 700.3706(2) permits filing the original but does not generally require it.

Inventory Fee (MCL 600.871): The probate court collects a statutory inventory fee calculated on the value of the estate inventoried. For real property only, where the date of death is on or after March 28, 2013, the gross value of a parcel may be reduced by any lien on that parcel, but the remaining inventory value of that parcel cannot be less than zero. For personal property, the gross value and inventory value are the same.

4. APPRAISAL METHOD

Under MCL 700.3707, the personal representative may employ one or more qualified and disinterested appraisers to assist in ascertaining the fair market value, as of the date of death, of property the value of which may be subject to reasonable doubt; different persons may be employed to appraise different kinds of property. Each appraiser's name and address shall be indicated on the inventory with the item or items appraised.

• Cash, deposit balances, and exchange-listed securities may be self-valued by the personal representative.
• Real property is commonly valued at fair market value (formal appraisal) or, where accepted, at two times the State Equalized Value (SEV) from the tax statement for the year of death.
• If a value cannot be determined when the inventory is due, list it as "unknown" and file an Amended Inventory when the value becomes known.

5. SCHEDULE A — REAL PROPERTY

Schedule A Subtotal (Inventory Value): $[________________]

6. SCHEDULE B — TANGIBLE PERSONAL PROPERTY

Schedule B Subtotal: $[________________]

7. SCHEDULE C — CASH, BANK & FINANCIAL ACCOUNTS

Do not place financial account numbers on PC 577. If an account number is needed to distinguish accounts, use the protected personal identifying information form MC 97 as directed by the official inventory instructions.

Schedule C Subtotal: $[________________]

8. SCHEDULE D — SECURITIES & BUSINESS INTERESTS

Schedule D Subtotal: $[________________]

9. SCHEDULE E — OTHER ASSETS

Schedule E Subtotal: $[________________]

10. RECAPITULATION / SUMMARY

11. VERIFICATION

I, the undersigned personal representative, submit the foregoing as a complete and accurate inventory of all the assets of the estate and the fair market valuations as of the date of death. I declare under the penalties of perjury that this inventory has been examined by me and that its contents are true to the best of my information, knowledge, and belief.

Date: [__/__/____]

Personal Representative Signature: ______________________________________

Printed Name: [PERSONAL REPRESENTATIVE FULL LEGAL NAME]

12. APPRAISER'S CERTIFICATE

I certify that I am a qualified and disinterested appraiser, that I appraised the items identified below, and that the stated values represent the fair market value of those items as of the decedent's date of death.

13. CERTIFICATE OF SERVICE / PRESENTATION

Pursuant to MCL 700.3706, the personal representative has sent a copy of this inventory to all presumptive distributees and to each other interested person who requested it, and has timely submitted the information needed to compute the probate inventory fee. If the estate is under supervised administration, the representative has also filed the inventory and served interested persons as required by MCR 5.310(C)(1).

Signature: ______________________________________
Printed Name: [PERSONAL REPRESENTATIVE / ATTORNEY NAME]
Michigan Bar No. (if applicable): [________________]

14. ATTACHMENTS CHECKLIST

☐ Form PC 577 (Inventory — Decedent Estate)
☐ Appraisal report(s) for assets appraised under MCL 700.3707
☐ Bank / brokerage statements as of date of death
☐ Real property tax statement (SEV) or formal appraisal
☐ Lien / mortgage payoff documentation (for real property lien reduction)
☐ Inventory fee computation and payment (MCL 600.871)
☐ Proof of service on presumptive distributees and interested persons
☐ Amended Inventory (PC 577), if after-discovered property or value changes

SOURCES AND REFERENCES

• MCL 700.3706 — Duty of personal representative; inventory (91-day deadline; service; fee information)
• MCL 700.3707 — Employment of appraisers
• MCL 600.871 — Probate court inventory fee
• MCR 5.307 — Inventory; presentation and inventory fee
• Form PC 577 (Inventory — Decedent Estate): https://www.courts.michigan.gov/siteassets/forms/scao-approved/pc577.pdf