the performance of their duties, and if objections are to be made, they are postponed until the accounting.48 In appraising the property of the estate, values are usually fixed at their actual value as of the time of the appraisement. Bonds, stocks, or choses in action should be appraised according to their market value, not at their face value. Three months immediately preceding the testator's death is a reasonable period within which to average the market price of securities, under a statute providing that where securities are customarily sold in open market, their value shall be fixed by ascertaining the range of the market and the average of prices running through a reasonable period of time.15 § 1399. Inventory and Appraisement Should Be Signed and Verified. In most jurisdictions the executor or administrator prepares the inventory of the property of the estate and the appraisers fix the values of the properties set forth. The inventory should be signed and sworn to under oath by the executor or administrator, and the appraisement should be signed and sworn to under oath by the appraisers. The oath of the executor or the administrator is that the inventory contains a true and correct list of all the property of the decedent coming into his possession or to his knowledge, and the oaths of the appraisers are to the effect that they have truly and impartially appraised the property and fixed the value of each part thereof according to their best knowledge and ability. Appraisers may be required, before entering upon the 43 Vogel v. Arbogast, 4 Demarest (N. Y.) 399, 9 Civ. Pro. R. 231. 44 In re Shipman's Estate, 82 Hun (N. Y.) 108, 31 N. Y. Supp. 571. 45 In re Crary's Estate, 31 Misc. Rep. 72, 64 N. Y. Supp. 566. discharge of their duties, to take the oath that they will appraise the property exhibited to them to the best of their knowledge and ability, in which case they merely sign the appraisement and certify to its correctness. The signatures and the oaths of the executor or administrator and appraisers usually appear upon the inventory and appraisement which are usually combined in one document. If the inventory be not signed by the executor or administrator, he is not chargeable according to its statements.46 An unverified list of the assets of the estate of the decedent is not an inventory thereof." Where, however, the inventory appears on its face to have been returned by two executors, it will be considered as the act of both although it was sworn to by only one of them.48 Where an appraisement is made, although it can not be considered as an inventory if not signed by the administrator, yet it is still admissible as prima facie evidence of the value of the estate.1o The purpose of statutes requiring an affidavit by the executor or administrator is to furnish an additional assurance that the inventory contains a full account of all the property of the estate known to him, and also to obtain his solemn admission that he is properly chargeable in his accounts with all the property that is described in the inventory. While the court may, upon its own motion or upon the application of any person interested in the estate, compel the executor or administrator to comply with the statute requiring him to make the affida 46 Park's Admr. v. Rucker, 5 Leigh (Va.) 149. 47 Loesche V. Griffin (In re Ahrens), 3 Demarest (N. Y.) 358. 48 Hamilton v. Serra, 6 Mackey (D. C.) 168. 49 Carrol v. Connet, 2 J. J. Marsh. (Ky.) 195; Roger's Admx. V. Chandler's Admx., 3 Munf. (Va.) 65. See, also, Carr's Exr. v. Anderson, 2 Hen. & M. (Va.) 361. vit, yet the failure of the executor or administrator to discharge this duty will not render the inventory, properly signed and delivered by the appraisers. of no effect as an inventory.50 § 1400. What Should Be Included in the Inventory. The statutes generally prescribe what shall be included in the inventory.51 The inventory should contain a specific enumeration of the goods, chattels, and credits of the decedent,52 the practice of filing general inventories not being approved by the courts.53 The inventory should include all property which may come into the hands of the executor or administrator or which, within his knowledge, belongs to the estate, although in the possession of another. Property in the hands of an executor or administrator and belonging to the decedent, although the possession thereof was obtained prior to the time of the decedent's death, must be inventoried.55 The inventory must include all goods, chattels and credits belonging to the testator at the time of his death without omission or qualification except the necessary qualification that such assets must have come into the 50 Estate of Lux, 100 Cal. 593, 601, 35 Pac. 341. The object of requiring an affidavit by the executor or administrator to accompany the inventory and appraisement is, apparently, not to give any validity to the inventory as such, but to furnish evidence that it contains all the property within the knowledge or possession of the affiant thus serving as a check upon the personal representative.-Phelan v. Smith, 100 Cal. 158, 168, 34 Pac. 667. 51 Kepple v. Crabb, 152 Ill. App. 149; In re Colbert's Estate, 44 Mont. 259, 119 Pac. 791; In re Holliday's Estate, 18 Ore. 168, 22 Pac. 750. 52 Vanmeter v. Jones' Exr., 3 N. J. Eq. 520. 58 Pursel v. Pursel, 14 N. J. Eq. 514. 54 Turner v. Ellis, 24 Miss. 173. 55 Kepple v. Crabb, 152 Ill. App. 149. hands or be within the knowledge of the executor or administrator.56 Promissory notes due the decedent, although in the hands of strangers, and personal notes of the representative must be included in the inventory.57 Debts due from the personal representative to the decedent are assets of the estate and must be inventoried.5% 58 The inventory must include money which the decedent had on deposit in a savings institution, when known to the personal representative;59 likewise a judgment in favor of the decedent or of the estate. An advancement, however, forms no part of the estate of the decedent and can not be resorted to for the payment of debts; it therefore need not be included in the inventory."1 § 1401. The Same Subject: Where Title to Property Is Disputed: Power of Probate Court. No statutes require property or money to be inventoried unless it belongs to the estate and is an asset 56 Estate of Butler, 38 N. Y. 397. 57 Potter v. Titcomb, 10 Me. 53; Lynch v. Divan, 66 Wis. 490, 29 N. W. 213. This rule applies although the decedent's wife may claim ownership of the note.-Dilts v. Stevenson, 17 N. J. Eq. 407. In Georgia, by the construction placed upon the words "goods and chattels," choses in action must be included in the inventory.Hall v. Carter, 8 Ga. 388. In Vermont, choses in action need not be included in the inventory.-Adams' Heirs v. Adams, 22 Vt. 50. "The usual practice is for the administrator to return to the pro bate court a list of the choses in action, and to account for the amount collected upon each, holding those not collected subject to the order of the probate court."Boyden v. Ward, 38 Vt. 628. 58 Weems v. Bryan, 21 Ala. 302; State v. Gregory, 119 Ind. 503, 22 N. E. 1; Hodge v. Hodge, 90 Me. 505, 60 Am. St. Rep. 285, 40 L. R. A. 33, 38 Atl. 535; Kelsey v. Smith, 1 How. (2 Miss.) 68; Matter of Davis, 37 Misc. Rep. (N. Y.) 326, 75 N. Y. Supp. 493. 59 Bourne v. Stevenson, 58 Me. 499. 60 In re Conser's Estate, 40 Ore. 138, 66 Pac. 607. 61 Black v. Whitall, 1 Stock. Ch. (N. J.) 572, 59 Am. Dec. 423. thereof; but the executor or administrator is not the sole judge as to what he shall include in the inventory, and the ultimate determination thereof lies with the court.63 Generally where there is a dispute as to the possession and ownership of property, the property should be inventoried and the question of legal title be left for future adjudication. Property of the estate, even though claimed by adverse title, should be included.65 When the question arises as to whether property belongs to an estate and should be inventoried, the probate court has jurisdiction to determine prima facie the fact whether or not the property belongs to the estate and is an asset thereof. This adjudication, however, is not binding upon any person afterwards claiming the property in another forum, but is for the purpose only of determining whether the administrator shall be forced to make an inventory thereof 66 62 In re Belt's Estate, 29 Wash. 535, 92 Am. St. Rep. 916, 70 Pac. 74. 63 Simms v. Guess, 52 Ill. App. 543; Hartwig v. Flynn, 79 Kan. 595, 100 Pac. 642. 64 Succession of Wingertner, 133 La. 876, 63 So. 387; Buchser v. Buchser, 72 Wash. 675, 131 Pac. 193, 132 Pac. 239. See § 1409, notes 12 and 13. Where the widow, as administratrix of the estate of her deceased husband, refuses to include in the inventory property which she claims as her own, it has been held that she can not be proceeded against to compel her to do so, but can be sued only in an Succession of ordinary action. 65 Grounx v. Abat's Exrs., 7 La. 17. 66 Hartwig v. Flynn, 79 Kan. 595, 100 Pac. 642; Succession of Carcagno (Succession of Saloy), 43 La. Ann. 1151, 10 So. 251; In re Belt's Estate, 29 Wash. 535, 92 Am. St. Rep. 916, 70 Pac. 74. See § 1402. As to jurisdiction of the court of probate in matters of administration, see § 1298. As to courts of probate having only limited powers, see § 1299. As to the correction of omissions and mistakes in the inven. tory, see § 1412. |