Kansas Statutes 59-1201. Inventory and valuation
Terms Used In Kansas Statutes 59-1201
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Conservatee: means a person who has a conservator. See Kansas Statutes 77-201
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Decedent: A deceased person.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Personal property: includes money, goods, chattels, evidences of debt and things in action, and digital assets as defined in the revised uniform fiduciary access to digital assets act, Kan. See Kansas Statutes 77-201
- Personal property: All property that is not real property.
- Property: includes personal and real property. See Kansas Statutes 77-201
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
Within 30 days after the date of a personal representative’s letters of appointment, unless a longer time has been granted by the court, the personal representative shall make an inventory stating opposite each item contained in the inventory the full and fair value as of the date of death of the decedent, verified by the personal representative’s affidavit, of all real estate and tangible personal property owned by the decedent or conservatee and located in the state of Kansas and of all intangible property owned by the decedent or conservatee wherever located which comes to the personal representative’s possession or knowledge. Such property shall be classified therein as follows:
(a) Real estate, with plat or survey description;
(b) furniture, household goods, and wearing apparel;
(c) corporation stocks, described by certificate numbers;
(d) bonds, mortgages, notes and other written evidence of debt, described by name of debtor, recording data, and other identification; and
(e) all other personal property accurately identified.
If the decedent was a member of a partnership, the inventory and valuation shall contain a separate inventory and valuation of the whole of the partnership estate and of the decedent’s proportional share therein.
The court, for good cause shown, may require an earlier inventory and valuation of any estate.