Fill and Sign the Michigan Inventory Form

Approved, SCAO JIS CODE: INV STATE OF MICHIGAN PROBATE COURT       COUNTY       CIRCUIT COURT- FAMILY DIVISION INVENTORY FILE NO.       In the matter of       I,       ,       , submit the following Name (type or print) Title as a complete and accurate inventory of all the assets of the estate and the fair market valuations as of the date of death (decedent's estate only). date of qualification as fiduciary (all other estates). PERSONAL PROPERTY AND REAL PROPERTY DESCRIPTION (If property has been used to secure a loan [including an equity line of credit], show the nature and amount of the lien.) Definitions and instructions for completing the inventory are on the other side of this form. TOTAL VALUE OF PROPERTY                                                                                                             TOTAL ASSETS       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 Attorney Signature Applicant Signature                   Attorney Name (type or print) Bar No. Applicant Name (type or print)             Address Address                         City, state, zip Telephone No. City, state, zip Telephone No. NOTE: Do not use this form if you are a conservator. Use form PC 674. Do not write below this line - For court use only PC 577 (10/07) INVENTORY MCL 700.3706, MCL 700.3707, MCR 5.307, MCR 5.310, MCR 5.409(B) DEFINITIONS FOR THE INVENTORY: • Real property means land, including a building or house that is built on the land. • Personal property means everything that a person owns except real property. Personal property includes bank accounts and checking accounts. INSTRUCTIONS FOR COMPLETING THE INVENTORY: 1. List all real and personal property in the column "Personal Property and Real Property Description." 2. When listing real property, provide the legal description of the property and the name of any other owner. a. If real property has been used to secure a loan (including an equity line of credit), show the nature and amount of the lien. b. If the value of real property is determined by an appraisal, include the appraiser's name and address and a description of the property appraised. c. For conservatorships and guardianships, real property that the protected person owns jointly or in common with others must be listed along with the type of ownership. The court may require additional information to support the value of property that is stated in the inventory. 3. When listing personal property, provide enough detail to adequately determine the value. Some items should be listed separately and some items should be combined under one category. Provide the name and address of each financial institution listed. The address for a financial institution shall be either that of the institution's main headquarters or the branch used most frequently by the personal representative. a. Examples of items that should be listed and valued separately are: • Automobiles • Prepaid burial contracts • Jewelry • Life insurance (cash value) • Bank accounts • Annuities • Antiques • Mutual funds • Furniture • Stocks and bonds • Any other individual item of high value (such as a fur coat) b. Examples of items that can be listed in categories are: • Household items such as dishes, flatware, curtains, linens, utensils, clothing, furnishings, etc. can be grouped into several categories or combined into one category. • Multiple copies or pieces of a specific item that have the same value such as stocks and bonds. c. If personal property has been used to secure a loan, show the nature and amount of the lien. d. If the value of personal property is determined by an appraisal, include the appraiser's name and address and a description of the property appraised. e. For conservatorships and guardianships, personal property that the protected person owns jointly or in common with others must be listed along with the type of ownership. The court may require additional information to support the value of property that is stated in the inventory.