NRS: CHAPTER 144 - INVENTORY AND APPRAISEMENT

[Rev. 6/29/2024 3:05:53 PM--2023]

CHAPTER 144 - INVENTORY AND APPRAISEMENT

NRS 144.010 Inventory and appraisement or record of value to be made and filed; waiver; request for list of assets; copy mailed to interested heirs and devisees; redacted inventory; court order for inventory.

NRS 144.020 Appraisers: When appointment authorized; compensation; record of value in lieu of appraisement; exceptions.

NRS 144.025 Certified public accountant or other expert in valuation: When appointment authorized; compensation.

NRS 144.030 Certification of appraiser, certified public accountant or expert in valuation; form of appraisement or valuation; purchase by appraiser, certified public accountant or expert in valuation without disclosure prohibited; penalties.

NRS 144.040 Inventory: Contents.

NRS 144.050 Claims against personal representative.

NRS 144.060 Status of claim against personal representative.

NRS 144.070 Oath of personal representative endorsed upon or annexed to inventory.

NRS 144.080 Failure to file inventory: Revocation of letters; payment of fees and costs; liability on bond.

NRS 144.090 Supplemental inventory of newly discovered property.

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1. Except as otherwise provided in this section, every personal representative shall prepare and file with the clerk a true inventory and appraisement or record of value of all the assets of the decedent that have come to the possession or knowledge of the personal representative, within 120 days after the issuance of letters of administration, unless the court extends the time for good cause shown. The requirement of preparing and filing an inventory or an appraisement or a verified record of value, or both, may be waived by the unanimous written consent of all interested persons.

2. Notwithstanding the provisions of this section, an interested person may provide a written request to the personal representative at any time 60 days or more after the issuance of letters of administration which seeks a list of the assets of the estate known to the personal representative. The personal representative shall provide such information to the requesting interested party within 10 days after receipt of the written request.

3. Unless an interested heir requested and was provided a list of assets pursuant to subsection 2, the personal representative, within 10 days after filing the inventory with the clerk, shall mail a copy to all the interested heirs of an intestate estate, or to the devisees of a testate estate, or to both interested heirs and devisees, if a contest of the will of the decedent is pending. Proof of the mailing of the copies must be made and filed in the proceeding.

4. Notwithstanding the requirements set forth in this section, a personal representative may file a redacted inventory to protect the decedent or his or her estate or an interested person. Such an inventory may redact any account numbers, social security numbers and values. Upon request by the court or an interested person, the personal representative shall make the full inventory without redaction available for inspection.

5. This section must not be construed to interfere with the authority of a court to order a personal representative to provide the court with information sufficient to identify the assets of an estate and the value thereof that is subject to probate administration, including, without limitation, requiring the personal representative to submit an inventory to the court in camera, as the court deems necessary and appropriate.

[98:107:1941; 1931 NCL § 9882.98]—(NRS A 1971, 9, 1163; 1975, 1769; 1999, 2298; 2015, 3529; 2017, 1678)

NRS 144.020 Appraisers: When appointment authorized; compensation; record of value in lieu of appraisement; exceptions.

1. A personal representative may engage a qualified and disinterested appraiser to ascertain the fair market value, as of the decedent’s death, of any asset the value of which is subject to reasonable doubt. Different persons may be engaged to appraise different kinds of assets included in the estate.

2. Any such appraiser is entitled to a reasonable compensation for the appraisal and may be paid the compensation by the personal representative out of the estate at any time after completion of the appraisal.

3. Except as otherwise provided in NRS 144.010, if there is no reasonable doubt as to the value of assets, such as money, deposits in banks or credit unions, bonds, policies of life insurance, or securities for money or evidence of indebtedness, and the asset is equal in value to cash, the personal representative shall file a verified record of value in lieu of the appraisement.

4. If it appears beyond reasonable doubt that there will be no need to sell assets of the estate to pay the debts of the estate or expenses of administration, or to divide assets for distribution in kind to the devisees or heirs, the personal representative may petition the court for an order allowing a verified record of value to be filed in lieu of the appraisement or, if no interested person is prejudiced thereby, an order waiving the requirement for filing an appraisement or verified record of value, and the court may enter such an order with or without notice.

5. If the personal representative reasonably believes that the value of the household furniture and furnishings of the estate is less than $30,000, the personal representative may file a verified record of value in lieu of the appraisement. Notwithstanding the provisions of this subsection, any interested person may petition the court to require the personal representative to obtain an appraisement on some or all of such household furniture and furnishings. Upon a showing of good cause, the court shall order the appraisement.

[Part 99:107:1941; 1931 NCL § 9882.99]—(NRS A 1973, 419; 1975, 1769; 1999, 1458, 2298; 2001, 91; 2015, 3529; 2017, 1679)

NRS 144.025 Certified public accountant or other expert in valuation: When appointment authorized; compensation.

1. A personal representative may engage a certified public accountant or other expert in valuation to ascertain the fair market value, as of the date of the death of the decedent, of the interest of the decedent in a corporation, partnership, limited-liability company or other artificial person.

2. The certified public accountant or expert in valuation is entitled to a reasonable compensation for his or her services and may be paid the compensation by the personal representative out of the estate at any time after completion of the report of the valuation.

(Added to NRS by 1997, 1486; A 1999, 2299)

1. Before proceeding, an appraiser, certified public accountant or expert in valuation shall certify a willingness to truly, honestly and impartially appraise or value the property according to that person’s best knowledge and ability. The certification must be contained in the appraisal or valuation or filed with the court.

2. The appraiser, certified public accountant or expert in valuation, shall then proceed to appraise the property of the estate. Each item with a value of more than $500 must be set down separately with the value thereof in dollars and cents in figures opposite each item.

3. An appraiser, certified public accountant or expert in valuation who directly or indirectly purchases any property of an estate, without full disclosure to and approval by the court, is guilty of a misdemeanor. A sale made in violation of the provisions of this subsection is void.

[Part 100:107:1941; 1931 NCL § 9882.100]—(NRS A 1973, 419; 1977, 660; 1985, 1214; 1997, 1486; 1999, 2299)

NRS 144.040 Inventory: Contents.

1. An inventory must include all the estate of the decedent, wherever situated, that is subject to the jurisdiction of the court.

2. The inventory must contain:

(a) All the estate of the decedent, real and personal.

(b) A statement of all receivables, partnerships, and other interests, bonds, mortgages, notes, and other securities for the payment of money, belonging to the decedent, specifying the name of the debtor in each security, the date, the sum originally payable, any endorsements with their dates, and the sum which, in the judgment of the appraiser, may be collectible on each debt, interest or security.

3. The inventory must also show:

(a) So far as can be ascertained, what portion of the estate is community property and what portion is the separate property of the decedent.

(b) An account of all money belonging to the decedent that has come into the possession of the personal representative.

[Part 99:107:1941; 1931 NCL § 9882.99] + [Part 100:107:1941; 1931 NCL § 9882.100]—(NRS A 1973, 420; 1975, 1770; 1999, 2299)

NRS 144.050 Claims against personal representative. The naming of a person as personal representative in a will does not operate as a discharge of any just receivable or demand which was due the testator from that person, but the receivable or demand must be included in the inventory and the person named as personal representative is liable for it when it becomes due, unless it is proved that the personal representative had not, then or thereafter, any means with which to pay the receivable or demand, or such part as may remain unpaid, and that the inability did not arise from any fraud committed by the personal representative, but any commissions allowed must be applied toward payment of the receivable or demand.

[101:107:1941; 1931 NCL § 9882.101]—(NRS A 1999, 2300)

NRS 144.060 Status of claim against personal representative. The discharge or devise in a will of a receivable or demand due the testator from any person named as personal representative in the will, or from any other person, is not valid against the creditors of the decedent, but must be construed as a specific devise only of the receivable or demand. The amount must be included in the inventory and, if necessary, be applied in payment of claims of creditors of the decedent. If not necessary for that purpose, it must be disposed of in the same manner as other specific devises.

[102:107:1941; 1931 NCL § 9882.102]—(NRS A 1999, 2300)

NRS 144.070 Oath of personal representative endorsed upon or annexed to inventory. A personal representative shall take and subscribe an oath, before any person authorized to administer oaths, that the inventory contains a true statement of all the estate of the decedent which has come into the possession or of which the personal representative has knowledge, and particularly of all money belonging to the decedent, and of all just claims of the decedent, against the personal representative. The oath must be endorsed upon or annexed to the inventory.

[103:107:1941; 1931 NCL § 9882.103]—(NRS A 1973, 420; 1987, 1301; 1997, 1486; 1999, 2300)

NRS 144.080 Failure to file inventory: Revocation of letters; payment of fees and costs; liability on bond. If a personal representative neglects or refuses to file the inventory within the time prescribed by law or extended by the court, the court may, upon such notice as it deems appropriate:

1. Revoke the letters of the personal representative;

2. Order that the fees and costs incurred by the interested person seeking to enforce the provisions of this section be satisfied by the bond of the personal representative or, in the absence of a bond, be paid personally by the personal representative; or

3. Hold the personal representative liable on the bond of the personal representative for any injuries sustained by the estate through his or her gross negligence or willful misconduct.

[104:107:1941; 1931 NCL § 9882.104]—(NRS A 1999, 2301; 2017, 1680)

NRS 144.090 Supplemental inventory of newly discovered property.

1. If property not mentioned in an inventory filed with the clerk comes into the possession or knowledge of the personal representative, the personal representative shall file a supplementary inventory of that property within 20 days after its discovery, in the same manner as an original inventory.

2. The court may enforce the filing of a supplementary inventory as provided in NRS 144.080.

[105:107:1941; 1931 NCL § 9882.105]—(NRS A 1973, 420; 1975, 1770; 1999, 2301)