12.9 Inventories


(a) Each inventory shall list, as of the date of death of the decedent or the date of appointment of the guardian of the ward, as the case may be, the real and personal property which has come to the knowledge of the representative and any cause of action on which the representative has a right to sue. The inventory in a decedent's estate under supervised administration or in the estate of a minor or disabled person shall be verified and shall comply with the provisions of this rule.

(b) In addition to the requirements of Section 14-1 [755 ILCS 5/14-1], each inventory shall state the approximate total value of the personal estate (exclusive of those assets included in the inventory pursuant to paragraph (g) of this rule), the approximate annual income from the real estate in the possession of the representative, and that the bond of an individual representative complies with the provisions of Section 12-5 [755 ILCS 5/12-5].

(c) Consecutive item numbers, commencing with Arabic 1, shall be assigned to each item inventories and carried forward into the first account. Numbers so assigned shall be supplemented by additional consecutive item numbers for items added in subsequent inventories and accounts. A value need not be assigned to an inventoried item other than a bank account or similar property normally described in terms of an amount.

(d) To the extent feasible:

(i) Descriptions of real estate shall include the legal description and approximate size of each parcel, street address if any, the improvements thereon, and years for which taxes have not been paid. If any real estate is encumbered, the inventory shall include a description of the encumbrance and the principal balance owing at the date of death or at the date of appointment of the guardian, as the case may be. If a beneficial interest in real estate is an asset of the estate, the name and address of the trustee and other identifying information shall be stated. As to each parcel of real estate listed, the inventory shall state whether the representative is in possession, and, if not, the reason for not being in possession. (See Section 20-1)[755 ILCS 5/20-1].

(ii) Descriptions of stock shall include the number of shares, class of stock, exact corporate title and state of incorporation if necessary for the purpose of identification. Description of bonds shall include the total face value, name of obliger, kind of bond, rate of interest, date of maturity, interest dates, coupons attached or date to which interest is paid and endorsements. Descriptions of notes shall include the face amount and unpaid balance, date of note, date of maturity, name of maker, interest dates, rate of interest, date to which interest is paid, endorsements and, if secured, a description of the security. Descriptions of other securities (such as mutual funds, unit investment trusts, etc.) shall contain information consistent with the foregoing.

(iii) Descriptions of partnership interests shall include the partnership name and address and the interest of the estate.

(iv) If any tangible or intangible personal property is encumbered, the inventory shall include a description of the encumbrance and the principal balance owing at the date of death or at the date of appointment of the guardian, as the case may be.

(v) Descriptions of causes of action shall include the name of the person against whom the cause of action exists, its nature, and if suit has been instituted, the title, name of the court where pending and case number.

(e) Each inventory in a decedent's estate under supervised administration shall be filed with the clerk. Each inventory in the estate of a minor or disabled person shall be presented for approval to the judge to whom the case is assigned.

(f) An amended or supplemental inventory shall be filed if:

(i) Real or personal property has been erroneously described in a prior inventory;

(ii) Assets have been improperly included in or excluded from a prior inventory; or

(iii) Additional assets have come to the knowledge of the representative.

A supplemental inventory or an amendment to an inventory need not repeat assets correctly described in a prior inventory.

(g) In addition, each inventory of a guardian of the estate of a disabled person shall list separately any joint tenancy accounts and other assets in which the disabled person has an interest but which would not be subject to administration in a decedent's estate, and shall state the nature of the interest. The court may issue an order (1) freezing any or all assets so listed until further order of the court, and (2) requiring the guardian to give notice to all other persons who may have an interest in those assets.

(h) In a decedent's estate under supervised administration, authority to the representative to pay all or part of a distributive share before 6 months after issuance of letters will be granted only after filing of the inventory.

[Amended August 8, 1996, effective September 3, 1996.]