1. Every personal representative shall make and file with the
clerk, within 60 days after appointment, unless the court extends the
time, a true inventory and appraisement or record of value of all the
estate of the decedent that has come to the possession or knowledge of
the personal representative.
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.
[98:107:1941; 1931 NCL § 9882.98]—(NRS A 1971, 9, 1163; 1975, 1769;
1999, 2298 )
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. 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, and the court may enter such an order with or
without notice.
[Part 99:107:1941; 1931 NCL § 9882.99]—(NRS A 1973, 419; 1975,
1769; 1999, 1458 , 2298 ; 2001, 91 )
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 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 )
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.
(c) Mortgages of any kind on the real and personal property of the
estate.
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 )
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 )
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 )
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 )
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, revoke
the letters of the personal representative, and the personal
representative is liable on his bond for any injuries sustained by the
estate through his neglect.
[104:107:1941; 1931 NCL § 9882.104]—(NRS A 1999, 2301 )
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 )
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