What are the personal representative’s duties involving inventory?

On Behalf of | Jan 17, 2022 | Estate Planning, Probate and Estate Administration | 0 comments

When someone names you as their personal representative, you will have many duties you must carry out when that person dies. You become responsible for the estate, and you must make sure you are completely transparent in all actions you take involving the state.

To help ensure everything is on track, the Pennsylvania General Assembly explains the law requires you to file an inventory of all estate assets for which you have a responsibility.

Rules

You will need to file a complete inventory by the time you file the inheritance tax return. If you get an extension to file the taxes, you get an extension for filing the inventory.

However, be aware that any heir to the estate can request an earlier deadline for the inventory. As long as he or she submits the request in writing to you, you will then have to complete the inventory within a new deadline. You have either three months from when you became the personal representative or 30 days from the request of the new deadline. You get the longer of the two.

Also, the court can order you to file the inventory at any time it wishes.

Real property

When it comes to real estate that is part of the estate, you will include it in the inventory unless it is outside of the state. For real estate that is not in Pennsylvania, you need to attach a memo at the end of the inventory detailing this property. You can valuate the real estate, but do not include it in your calculations of the inventory value.

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