Estate Inventory and Appraisement (Minnesota)

IMPORTANT: CONFIRM LOCAL COURT PRACTICE

Minnesota probate is handled by the District Court, Probate/Mental Health Division
for the county of administration. Minnesota does not mandate a single statewide
inventory form; the personal representative prepares the inventory under Minn. Stat.
§ 524.3-706 and either files it with the court or mails copies to those entitled.
Confirm whether your county requires filing and check for any local form before
filing. This template provides the substantive content to help you prepare.

INVENTORY AND APPRAISEMENT OF THE ESTATE

1. PERSONAL REPRESENTATIVE INFORMATION

2. DECEDENT INFORMATION

3. DUTY AND FILING DEADLINE

Pursuant to Minn. Stat. § 524.3-706, within 6 months after appointment, or 9 months after the death of the decedent, whichever is later, a personal representative who is not a special administrator or a successor to a representative who has previously discharged this duty shall prepare and file or mail an inventory of property owned by the decedent at the time of death, listing it with reasonable detail and indicating, as to each listed item, its fair market value as of the date of death and the type and amount of any encumbrance.

The personal representative shall mail or deliver a copy to the surviving spouse (if any), to all residuary distributees, and to interested persons or creditors who request a copy.

4. APPRAISAL METHOD

Under Minn. Stat. § 524.3-707, the personal representative may employ a qualified and disinterested appraiser to assist in ascertaining the fair market value, as of the date of 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. The names and addresses of any appraiser 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.
• Closely held business interests, real estate, and unique collectibles ordinarily warrant a qualified appraiser.
• Date-of-death value governs; this also supports Minnesota estate tax analysis (Form M706) where applicable.

5. SCHEDULE A — REAL PROPERTY

Schedule A Subtotal: $[________________]

6. SCHEDULE B — TANGIBLE PERSONAL PROPERTY

Schedule B Subtotal: $[________________]

7. SCHEDULE C — CASH, BANK & FINANCIAL ACCOUNTS

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 declare under penalty of perjury that everything I have stated in this Inventory and Appraisement is true and correct, that it is a complete and accurate inventory of all property owned by the decedent at the time of death known to me, and that each item is valued at its fair market value as of the date of death.

Date: [__/__/____] Place (city/county): [____________________________________]

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 FILING / SERVICE

Pursuant to Minn. Stat. § 524.3-706, the personal representative has (check all that apply):

☐ Filed this inventory with the District Court, Probate Division, County of [COUNTY]; and/or
☐ Mailed or delivered a copy to the surviving spouse, all residuary distributees, and interested persons or creditors who requested one, as listed below.

Signature: ______________________________________
Printed Name: [PERSONAL REPRESENTATIVE / ATTORNEY NAME]
Minnesota Attorney License No. (if applicable): [________________]

14. ATTACHMENTS CHECKLIST

☐ Appraisal report(s) for assets appraised under § 524.3-707
☐ Bank / brokerage statements as of date of death
☐ Real estate deed(s) and county property records
☐ Vehicle and titled-asset records
☐ Supplementary Inventory (§ 524.3-708), if after-discovered property or revised values
☐ Proof of mailing/delivery to spouse, residuary distributees, and requesting parties
☐ Minnesota Estate Tax Return (Form M706) workpapers, if applicable

SOURCES AND REFERENCES

• Minn. Stat. § 524.3-706 — Duty of personal representative; inventory and appraisement (later of 6 months after appointment / 9 months after death)
• Minn. Stat. § 524.3-707 — Employment of appraisers
• Minn. Stat. § 524.3-708 — Supplementary inventory
• Minn. Stat. § 524.1-310; § 358.116 — Verification by declaration under penalty of perjury