An inventory and appraisal in New Jersey probate is a written document disclosing the assets of the decedent’s estate.
The inventory provides the Surrogate’s Court and the beneficiaries with the total value of assets of the decedent’s estate.
New Jersey law requires an inventory to be full and specific in its details. N.J.S.A. 3B:16-1.New Jersey law provides that:
a personal representative may or, if required by the court or if the exemption for the benefit of the family of the decedent is to be set off as allowed by N.J.S. 3B:16-5, shall make and file a true and perfect inventory of the real and personal property of his decedent, which has come to his hands, possession or knowledge or into the hands of any other person for him, and cause a just appraisal thereof to be made by two discreet and impartial persons.
The court shall not require an inventory and appraisal to be filed until 3 months after the grant of letters, except that if an exemption is to be set off, the inventory and appraisal shall be made within the 3 months.
See Section 3B:16-2, New Jersey Revised Statutes.
What Is the Probate Deadline To Provide an Inventory Under New Jersey Law?
When an inventory is required, it does not need to be filed until 3 months after the grant of letters. If an exemption is to be set off, the inventory and appraisal shall be made within the 3 months.
See other important Deadlines and Timelines In New Jersey Probate.
Who Appraises the Estate Property?
If an inventory and appraisal is to be filed in the New Jersey estate, the appraisers shall be chosen by the personal representative subject to the approval of the Superior Court or surrogate, except in cases where it shall be necessary to set off the exemption for the benefit of the family of the decedent.
If it is necessary to set off the exemption for the benefit of the family, the personal representative shall apply to the surrogate of the county wherein the decedent resided at his death, or to the Superior Court, as the case may be, for the appointment of two persons as appraisers who are neither interested in the estate nor related to the decedent’s widow or child.
The appraisers shall, before entering upon the duties of their appointment, be severally sworn before the surrogate, or a person authorized to administer oaths, to faithfully, honestly and impartially appraise the property according to its true and intrinsic value without reference to what the property might bring at a public sale.
See Section 3B:16-3.
What Property Is Included In a New Jersey Probate Inventory and Appraisal?
The appraisers shall make an inventory and appraisement of all the real and personal property of which the New Jersey decedent died seized and possessed. 3B:16-4.
Can You Object To a New Jersey Probate Inventory?
Yes, an interested person in the estate can dispute an inventory for various reasons, including that assets have not been included, or the values are too high or too low.