Article XIV - Inventory And Appraisal - Illinois Statutes

      (755 ILCS 5/Art. XIV heading)ARTICLE XIV INVENTORY AND APPRAISAL

(755 ILCS 5/14‑1) (from Ch. 110 1/2, par. 14‑1)     Sec. 14‑1. Inventory.) (a) Within 60 days after the issuance of his letters the representative of the estate of a decedent or ward shall file in the court a verified inventory of the real and personal estate which has come to his knowledge and of any cause of action on which he has a right to sue. If any real or personal estate comes to the knowledge of the representative after he has filed an inventory he shall file a supplemental inventory thereof within 60 days after it comes to his knowledge.     (b) The inventory must describe the real estate and the improvements and encumbrances thereon, state the amount of money on hand and list all personal estate. (Source: P.A. 81‑213.)

(755 ILCS 5/14‑2) (from Ch. 110 1/2, par. 14‑2)     Sec. 14‑2. Appraisal.) If the representative believes that it is necessary for the proper administration of the estate to determine the value of any goods and chattels, the representative may appraise them or may employ one or more competent, disinterested appraisers for that purpose and pay each of them reasonable compensation for his services. (Source: P.A. 81‑213.)

(755 ILCS 5/14‑3) (from Ch. 110 1/2, par. 14‑3)     Sec. 14‑3. Inventories and appraisals as evidence.) Inventories and appraisals and authenticated copies thereof may be given in evidence in any suit by or against the representative but are not conclusive for or against him if other evidence is given that the estate was worth or was sold in good faith for more or less than its appraised value. (Source: P.A. 79‑328.)