 1. Vis-à-vis Creditors  2. Vis-à-vis Heirs and Beneficiaries

 Not waivable by:  Testator  Heirs or beneficiaries  Why not?  Note: Not need if will filed as muniment of title.

Contents:  All real property located in Texas  All personal property wherever located  If decedent was married at time of death, indicate whether separate or community  Note 3, page 124

 Value of each asset as of date of death.  Who values?  Personal representative  Appraisers ▪ PC § 248 ▪ EC §

 Who may ask for appraisers?  Interested person  Court, on its own motion

 Standard  Court must have good cause to appoint.

 Number  One, two, or three at court’s discretion

 Fee  At least $5.00 per day.

 List of claims due and owing the estate  Decedent was a creditor  Avoid “rookie mistake” of listing decedent’s debts.

 Personal representative must swear under oath that IAL is true and complete.

 90 days from when PR qualified  Court may shorten time period

 Court examines and approves or disapproves.  If court disapproves, PR must resubmit within time set by court but no longer than 20 days.

 New procedure created in  Purpose = privacy

 Prerequisites: 1. Independent administration, and 2. No debts (except secured debts, taxes, and administration expenses) remain by the time the inventory is due (90 days after appointment)

 PR must still prepare inventory.  PR must give to any heir or beneficiary who makes a written request.  PR may give to anyone PR believes in good faith to be an interested person.

 Procedure available even if will says “file inventory”  To rebut claim that standard language requires inventory filing.  “Safe harbor” language revised to say, “return of any required inventory.”

 Executor cannot be held liable for the decision to use, or not use, the affidavit in lieu of inventory procedure.

 If PR disobeys a show cause order without good cause, court may impose a fine of up to $1,000.

 Garner v. Long – p. 127  Lee v. Lee – p. 131