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Terms Used In Utah Code 75-3-705

  • Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
  • Decedent: A deceased person.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
     Within three months after his appointment, a personal representative, who is not a special administrator or a successor to another representative who has previously discharged this duty, shall prepare an inventory of property owned by the decedent at the time of his death, listing it with reasonable detail, and indicating as to each listed item, its fair market value as of the date of the decedent’s death, and the type and amount of any encumbrance that may exist with reference to any item. The personal representative shall send a copy of the inventory to interested persons who request it. He may also file the original of the inventory with the court.

Amended by Chapter 194, 1977 General Session