Nebraska Probate Form 330 - Inventory

WHEN TO USE THE FORM: The Inventory must be filed with the Court by the Personal Representative within two months following appointment. Nebraska Probate Code § 30-2467.

HOW TO USE THE FORM: The form is designed to allow attachment of photocopies of the Federal Estate Tax Return, Form 706 Schedules.

The form is designed to follow the current Federal Estate Tax return as to the categorization of property. The fair market value of the property must be disclosed on the Inventory. This should be done only after careful consideration of the various consequences of the value assigned, both from the standpoint of taxes and from the standpoint of distributions that are to be made under the Will or by operation of law.

The original Inventory is filed with the Court and copies sent to interested persons who request it. All property owned by the Decedent at the time of Decedent's death must be included in the Inventory. The Inventory requirement is not limited to those items subject to Nebraska inheritance tax.

Appraisers may be employed to determine values. Federal Estate Tax rules and procedures on value are suggested. The name and address of appraisers should be shown on the Inventory in connection with each item appraised. Nebraska Probate Code § 30-2468.

Encumbrances and liens should be listed on separate Schedule K and cross-referenced to the asset to which the encumbrance attaches. For purposes of final accounting, closing, and distribution it may be desirable to segregate probate and nonprobate items on the schedules.

COMMENTS: It should be noted that many counties require the filing of two copies of the Inventory in order that the court may furnish the second copy to the County Assessor's office. Neb. Rev. Stat. § 77-397.

Items marked by asterisk on Forms 330 and 331 are not required in the Inventory under Nebraska Probate Code § 30-2467, but may be included for convenience for Determination of Inheritance Tax.

While Nebraska Probate Code § 30-2467 requires the Personal Representative to furnish a copy of the Inventory "to interested persons who request it," Nebraska Probate Code § 30-2469 requires the Personal Representative to furnish a copy of any Supplemental Inventory "to persons interested in the new information" found on the Supplemental Inventory.