Colorado § 15-12-706 - Duty of personal representative - inventory and appraisement.

§ 15-12-706. Duty of personal representative - inventory and appraisement.

(1) Within three months after his appointment, a personal representative who is not a successor to another representative who has previously discharged this duty shall prepare an inventory of property owned by the decedent and subject to disposition by will or intestate succession at the time of his death, listing it with reasonable detail and indicating, as to each listed item, its fair market value as of the date of the decedent's death and the type and amount of any encumbrance that may exist with reference to any item. The inventory shall include the oath or affirmation of the personal representative that it is complete and accurate so far as he is informed.

(2) The personal representative shall send a copy of the inventory to interested persons who request it, or he may file the original of the inventory with the court.

(3) If it appears that the heirs of an intestate or the devisees of a testator are unknown, or if known and there is no person qualified to receive the distributive share of such heirs or devisees, the personal representative shall also, within said three months, deliver or mail to the attorney general a copy of the inventory.

Source: L. 73: R&RE, p. 1588, § 1. C.R.S. 1963: § 153-3-706. L. 75: (1) amended, p. 596, § 28, effective July 1. L. 77: (1) amended, p. 834, § 18, effective July 1.

ANNOTATION

Law reviews. For article, "The Inventory and Final Report", see 27 Dicta 291 (1950).

Annotator's note. Since § 15-12-706 is similar to repealed CSA, C. 176, § 145, relevant cases construing that provision have been included in the annotations to this section.

The detailed requirements of this section for a valid inventory are mandatory. Meyer v. Milliken, 111 Colo. 113, 138 P.2d 276 (1943).

Effect of personal representative's failure to file inventory within statutory time. Failure of an executor or administrator to file an inventory of the estate within the time fixed by this section does not automatically extend the time for the filing of a widow's election not to take under the will of her deceased husband, and there is no statutory indication that the time for filing such election depends directly or indirectly upon the filing of the inventory. In re Sheely's Estate, 102 Colo. 194, 78 P.2d 378 (1938).