Inventory - Individual with Developmental Disability (Guardian of the Estate)

Inventory - Individual with Developmental Disability (Guardian of the Estate)

What is an Inventory?

An Inventory is an official list filed or presented to the Probate Court that describes all the property owned by an Individual with a Developmental Disability and includes accurate values for the property. Partial and Plenary Guardians of the Estate must prepare an Inventory.

When does an Inventory have to be filed?

It must be filed within 56 days of the date the Guardian of the Estate’s Letters of Authority were issued.

What has to be listed on an Inventory?

For a Guardianship of the Estate, all the assets owned by or held jointly\in common with others by the Individual with a Developmental Disability\Ward at the date the Guardian of the Estate’s Letters of Authority were issued.

Note: For the property the Individual with a Developmental Disability\Ward owns with others, list the type of ownership (i.e., joint tenancy, tenancy in common, etc.).
For real estate, include the street address and the complete legal description as reflected on the deed.

For motor vehicles, boats, trailers, or motor homes, include the year, make, model, and vehicle identification number (VIN).

For ordinary items, combine them into categories (i.e., clothing, furniture, etc.).

For items with special value, list them separately (i.e., antiques, coin\stamp collections, art, fine dishes\silverware).

For bank accounts, list banking institution and amount. Do not provide financial account numbers on this form. If an account number is necessary to distinguish between accounts, put it on form MC 97

For additional information, see the instructions contained on the Inventory form (PC 674)

How are assets on an Inventory valued?

For all assets, use the fair market value as of the date the Guardian of the Estate received their Letters of Authority.

For real estate, use any of the following methods: (1) two times the State Equalized Value (SEV) of the year the Guardian of the Estate received their Letters of Authority, (2) a value based on a full narrative appraisal by a licensed appraiser within one year of the date the Guardian of the Estate received their Letters of Authority, or (3) a sales price if the property was sold within one year of the date the Guardian of the Estate received their Letters of Authority.

If you use an appraisal for any item(s), include a copy of the appraisal with the Inventory.

List the amount and type of any mortgage, lien, or encumbrance on any particular asset.

Is there a fee for filing an Inventory?

No. There is no fee for filing Guardian of the Estate inventories.

Who has to receive copies of an Inventory?

The interested persons for the Guardianship of the Estate. See the initial petition filed in your case for more information.


Filing Procedures -
Inventory - Individual with Developmental Disability (Guardian of the Estate)
Checklist

Michigan law prohibits court employees from providing legal advice and completing forms, petitions, or documents. MCL 700.1211

  1. Gather the following documents:
    Information (property tax statement, etc.) showing value of any real estate the Individual with Developmental Disability\Ward owned as of the date the Guardian of the Estate’s Letters of Authority were issued.
    Mortgage balance\lien (if any) on any real estate the Individual with Developmental Disability\Ward owned as of the date the Guardian of the Estate’s Letters of Authority was issued.

  2. Fill out the following forms:
  3. i. PC 674, Inventory (Conservatorship)
    ii MC 97, Protected Personal Identifying Information
    ii. PC 564, Proof of Service

  4. Important Note: You MUST use these forms; you cannot draft your own document

  5. Click here to find out how you can file your inventory.

  6. Submit your completed documents to the Court in the following order (as one PDF if submitting electronically):
    i. PC 674, Inventory (Conservatorship)
    ii. MC 97, Protected Personal Identifying Information
    iii. Documentation relating to the value of any real estate.
    iv. Documentation showing a mortgage balance\lien on any real estate.
    v. PC 564, Proof of Service

Rev. 4/22