Sec. 3706.
(1) Within 91 days after appointment or other time specified by court rule, a personal representative, who is not a special personal representative or a successor to another representative who has previously discharged this duty, shall prepare 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 the decedent's death, and the type and amount of an encumbrance that may exist with reference to each listed item.
(2) The personal representative shall send a copy of the inventory to all presumptive distributees and to all other interested persons who request it, and may also file the original of the inventory with the court. The personal representative shall submit to the court on a timely basis information necessary to calculate the probate inventory fee.
History: 1998, Act 386, Eff. Apr. 1, 2000 Popular Name: EPIC
Structure Michigan Compiled Laws
Chapter 700 - Estates and Protected Individuals Code
Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206)
Article III - Probate of Wills and Administration (700.3101...700.3988)
386-1998-III-7 - Part 7 Duties and Powers of Personal Representatives (700.3701...700.3722)
Section 700.3701 - Powers and Duties of Personal Representative; Commencement; Accrual.
Section 700.3702 - Priority Among Different Letters.
Section 700.3704 - Personal Representative to Proceed Without Court Order; Exception.
Section 700.3705 - Appointment of Personal Representative; Notice Requirements.
Section 700.3706 - Duty of Personal Representative; Inventory and Appraisement.
Section 700.3707 - Employment of Appraiser.
Section 700.3708 - Duty of Personal Representative; Supplemental Inventory.
Section 700.3709 - Duty of Personal Representative; Possession of Estate.
Section 700.3710 - Power to Avoid Transfers.
Section 700.3711 - Powers of Personal Representatives Generally.
Section 700.3712 - Improper Exercise of Power; Breach of Fiduciary Duty.
Section 700.3714 - Persons Dealing With Personal Representative; Protection.
Section 700.3715 - Transactions Authorized for Personal Representatives.
Section 700.3716 - Powers and Duties of Successor Personal Representative.
Section 700.3717 - Corepresentatives; Concurrence.
Section 700.3718 - Powers of Surviving Personal Representative.
Section 700.3719 - Compensation of Personal Representative.
Section 700.3720 - Expenses in Estate Litigation.
Section 700.3722 - Authority Regarding Environmental Matters.