Inventory - Decedent Estate
INVENTORY - DECEDENT 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 a Decedent and includes accurate values for the property. Personal Representatives must prepare an Inventory.
When does an Inventory have to be filed or submitted?
For Unsupervised Administration (DE) – Must be presented within 91 days of the date the Personal Representative’s Letters of Authority were issued.
Note: You must submit the Inventory to the court. The Probate Court will review the Inventory to determine if it appears to be accurate and complete, and to officially calculate the inventory fee. The Inventory will not be filed as part of the case in our case management system.
For Supervised Administration (DA) – Must be filed within 91 days of the date the Personal Representative’s Letters of Authority were issued.
What has to be listed on an Inventory?
For Decedent Estates, all the assets owned by the Decedent as of the date of death.
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 577).
How are assets on an Inventory valued?
For all assets, use the fair market value as of the Decedent’s date of death.
For real estate, use any of the following methods: (1) two times the State Equalized Value (SEV) of the year of date of death, (2) a value based on a full narrative appraisal by a licensed appraiser within one year of the date of death, or (3) a sales price if the property was sold within one year of the date of death.
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?
Yes. The inventory fee for Decedent Estates is based on the value of the property pursuant to a schedule according to Michigan law. Click here to have the fee calculated.
- For decedents dying before March 28, 2013, no deduction is allowed for any mortgage, lien or encumbrance on any asset.
- For decedents dying on or after March 28, 2013 and before January 1, 2018, the inventory fee is based on the value of the estate less any lien(s) on parcel(s) of real estate. No parcel of real estate can be valued at less than zero, and there is no carryover to other estate assets.
- The inventory fee must be paid within one year of the date the Personal Representative received their Letters of Authority or the filing of a Sworn Statement to Close Administration or Petition for Complete Estate Settlement, whichever is earlier.
- There is a $5 inventory fee for an estate with a value of zero (0).
- Fees can be paid via ePayment by Case Access, or by mailing a check/money order payable to the Wayne County Probate Court. Out of state checks are not accepted.
Who has to receive copies of an Inventory?
The interested persons for the estate. See the initial petition filed in your case for more information.
Filing Procedures -
Inventory - Decedents Estate
Michigan law prohibits court employees from providing legal advice and completing forms, petitions, or documents. MCL 700.1211. Click here for a list of legal aid\legal services which may be able to provide you with assistance.
- Gather the following documents:
Information (property tax statement, etc.) showing value of any real estate the Decedent owned as of the date of death.
Mortgage balance\lien (if any) on any real estate the Decedent owned as of the date of death.
- Fill out the following forms:
- Important Note: You MUST use these forms; you cannot draft your own document.
- Click here to find out how you can file your inventory.
- Submit your completed documents to the Court in the following order (as one PDF if submitting electronically):
- Inventory Fee
i. Click here to have the inventory fee calculated.Wayne County Probate Court
ii. If you file electronically or by fax, you will receive a notification to pay the inventory fee once your inventory has been accepted.
iii. Fees can be paid:
1) electronically via ePayment online or
2) via mail by CHECK (no out-of-state checks)or MONEY ORDER
3) Make checks payable to: “Wayne County Probate Court”
4) Mail checks/money order along with a letter with your case # referencing what the payment is for to:
1305 Coleman A. Young Municipal Center
2 Woodward Ave.
Detroit, MI. 48226
i. PC 577, Inventory (Decedent Estate)
ii. PC 564, Proof of Service
i. PC 577, Inventory (Decedent Estate)
ii. Documentation relating to the value of any real estate.
iii. Documentation showing a mortgage balance\lien on any real estate.
iv. PC 564, Proof of Service