Inventory And Valuation

There are all sorts of forms executors, beneficiaries, and probate court clerks have to fill out and correspond with during probate and estate settlement, including affidavits, letters, petitions, summons, orders, and notices.

Inventory And Valuation is a commonly used form within Kansas. Here’s an overview of what the form is and means, including a breakdown of the situations when (or why) you may need to use it:

An Inventory and Valuation is necessary in every estate. No independent appraisal shall be made unless a party having an interest in the estate requests one. The Inventory and Valuation has been prepared to correspond with the schedule in the Federal Estate Tax return (IRS Form 706). Nonprobate assets need not be listed but often are for information purposes. The Estate of John Doe is not large enough to require a Federal Estate Tax Return. For a discussion of Kansas death taxes, see "Kansas inheritance, estate and succession taxes" later in this comment.

Atticus Fast Facts About Inventory And Valuation

Sometimes it’s tough to find a quick summary— here’s the important details you should know about Inventory And Valuation:

• This form pertains to the State of Kansas

• The relevant probate statute or Kansas laws related to this form include: K.S.A. 53-601, K.S.A. 59-1201, K.S.A. 59-1202, K.S.A. 59-1203, K.S.A. 59-1206, K.S.A. 59-1207, S. Ct. Rule 111, S. Ct. Rule 123

Government forms are not typically updated often, though when they are, it often happens rather quietly. While Atticus works hard to keep this information about Kansas’s Form 545 - Inventory And Valuation up to date, certain details can change from time-to-time with little or no communication.

Step 1 - Download the correct Kansas form based on the name and ID if applicable

Double check that you have both the correct form name and the correct form ID. Some Kansas probate forms can look remarkably similar, so it’s best to double, even triple-check that you’re using the right one! Keep in mind that not all States have a standardized Form ID system for their probate forms.

Step 2 - Complete the Document

Fill out all relevant fields in Form 545, take a break, and then review. Probate and estate settlement processes in KS are long enough to begin with, and making a silly error can push your timeline even farther back. No thank you!

Note: If you don’t currently know all of the answers and are accessing Form 545 online, be sure to avoid closing the browser tab and potentially losing all your progress (or use a platform like Atticus to help avoid making mistakes).

Step 3 - Have Form 545 witnessed or notarized (if required)

Some States and situations require particular forms to be notarized. If you have been instructed to get the document notarized or see it in writing on the document, then make sure to hire a local notary. There are max notary fees in the United States that are defined and set by local law. Take a look at our full guide to notary fees to make sure you aren’t overpaying or getting ripped off.

Step 4 - Submit Inventory And Valuation to the relevant office

This is most often the local probate court where the decedent (person who passed away) is domiciled (permanently resides) or the institution involved with this particular form (e.g. a bank). Some offices allow you to submit forms online, other’s don’t, and we while we generally recommend going in-person to expedite the process, sometimes that simply isn’t an option.

It’s also a generally good idea to establish a positive working relationship with any probate clerk (unfortunately there’s enough people & process out there making things more difficult and unnecessarily confusing for them), so a best practice is to simply ask the probate clerk proactively exactly how and where they’d prefer you to submit all forms.

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Different probate forms or processes can require different deadlines or response times for completing the appropriate form.

While some steps in the process are bound to specific deadlines (like petitioning for probate, having to submit an inventory of assets, or filing applicable notices to creditors and beneficiaries), many probate forms or processes are not tied to a specific deadline since the scope of work can vary based on situational factors or requirements involved.

Either way, there are a bunch of practical reasons why personal representatives should work to complete each step as thoroughly and quickly as possible when completing probate in Kansas.

5 reasons you should submit 545 as quickly as possible:

1. The sooner you begin, the faster Kansas can allow heirs and beneficiaries to get their share of assets subject to probate. Acting promptly can also decrease the costs & overall mental fatigue through an otherwise burdensome process.
   
   Helpful Context: What’s the Difference Between Probate and Non-Probate Assets?

2. In general, creditors of an estate usually have around 3-6 months from the time you file notice to creditors to file any claims for debt against the deceased’s assets. If they don’t, then that debt is forfeited (and more importantly, the executor won’t be held personally responsible). So doing this sooner means you have a better idea of who is owed what and ensures you won’t get a surprise collector months later.

3. Not filing a will within 30 days (on average) could mean that the probate process proceeds according to intestate laws (laws that govern what happens to someone's stuff without a will) or is subject to unnecessary supervision by the probate court. And if you aren't directly related to the deceased (a.k.a. next of kin), this could also mean you lose your inheritance.

4. It’s important to file any necessary state tax returns on behalf of the deceased or estate by the following tax season in Kansas. If you don’t, you could owe penalties and interest. This also includes any necessary federal tax returns such as Forms 1040, 1041, or even a Form 706 estate tax return.

5. If a house in the State of Kansas is left empty (or abandoned) for a while, insurance can get dicey. For example, if the house burns down and no one has been there for a year, an insurance company may get out of paying your claim.

If you’re not using Atticus to get specific forms, deadlines, and timelines for Kansas probate, then try and stay as organized as possible, pay close attention to the dates mentioned in any correspondence you have with the State’s government officials, call the local Kansas probate clerk or court for exact answers regarding Form 545, and when in doubt— consult a qualified trust & estates lawyer for that area.

Inventory And Valuation is one of the many probate court forms available for download through Atticus.

It may also be available through some Kansas probate court sites, such as . In order to access the latest version, be updated with any revisions, and get full instructions on how to complete each form, check out the Atticus Probate & Estate Settlement software or consider hiring a qualified legal expert locally within Kansas.

While Atticus automatically provides the latest forms, be sure to choose the correct version of Form 545 - Inventory And Valuation f using any other site or resource in order to avoid having to re-complete the form process and/or make another trip to the Kansas probate court office.

Inventory And Valuation is a .pdf, so opening it should be as simple as clicking “View Form” from within the Atticus app or by clicking the appropriate link found on any Kansas-provided government platform. Once you’ve opened the form, you should be able to directly edit the form before saving or printing.

Here’s the text, verbatim, that is found on Kansas Form 545 - Inventory And Valuation. You can use this to get an idea of the context of the form and what type of information is needed.

500-86 Kansas Probate Forms 3d 545 (CAPTION) INVENTORY AND VALUATION I. PROBATE ASSETS: SCHEDULE A REAL ESTATE Valuation by Item Fiduciary as of No. Description July 3, 2009 \\u0018. Section 15, Township 20 South, Range 30 West of the 6th P.M., contain- ing 640 acres more or less, Apache County, Kansas ........................................$130,000.00 2. The Northeast quarter of Section 10, Township 20 South, Range 30 West of the 6th P.M., containing \\u001860 acres more or less, Apache County, Kansas ...................................................................................................................32,000.00 3. The Northwest quarter of Section 10, Township 20 South, Range 30 West of the 6th P.M., containing \\u001860 acres more or less, Apache County, Kansas ...................................................................................................................32,000.00 4. The Southeast quarter of Section 10, Township 20 South, Range 30 West of the 6th P.M., containing \\u001860 acres more or less, Apache County, Kansas ...................................................................................................................32,000.00 5. The Southwest quarter of Section 10, Township 20 South, Range 30 West of the 6th P.M., containing \\u001860 acres more or less, Apache County, Kansas ...................................................................................................................32,000.00 Total Schedule A .....................................................................................$258,000.00 SCHEDULE B STOCKS AND BONDS (Corporate Stock) Valuation by Item Cert. Fiduciary as of No. Description No. Unit Value July 3, 2009 \\u0018. 300 Shares Common Stock, Kansas Power & Light Co. xxxx $40 per share $12,000.00 2021 500-87 Kansas Probate Forms 3d BONDS Valuation by Item Serial Date of Value at Fiduciary as of No. Description No. Purchase Maturity July 3, 2009 \\u0018. U. S. Savings Bond xxxx5394HH \\u00180-0\\u0018-96 5,000.00 $ 5,000.00 2. U. S. Savings Bond xxxx53\\u00188EE 06-0\\u0018-97 \\u00180,000.00 6,060.00 3. U. S. Savings Bond xxx25927EE 0\\u0018-0\\u0018-98 \\u00180,000.00 5,832.00 4. Lenexa KS Indl. Rev. Series x6259 07-0\\u0018-84 \\u0018992 Volume Shoe Corp. Project cpn. 6.25 Due 05-0\\u0018-\\u00182 5,000.00 4,200.00 Accrued Interest to 07-03-09 (63 days) 53.79 Total Schedule B $30,145.79 SCHEDULE C MORTGAGES, NOTES AND CASH Valuation by Item Fiduciary as of No. Description July 3, 2009 \\u0018. Principal balance due on Promissory Note dated July \\u0018, 2000, signed by Frank Johnston and Mary Johnston, his wife, in the original amount of $10,000.00 with interest at seven percent per annum simple interest on the unpaid balance ...............................................................................................$ 2,310.00 Accrued interest to July 3, 2009 (2 days) ............................................................ .89 2. Cash on person of decedent at time of death ....................................................... 42.00 3. Balance in decedent's Checking Account # xx8-8\\u00182, The Hometown State Bank, Hometown, Kansas .......................................................................... \\u0018,000.00 4. Balance in Savings Account # xxxx, 5½% qtr. comp, The Hometown State Bank, Hometown, Kansas .......................................................................... \\u00182,000.00 Accrued interest to July 3, 2009 (2 days) ............................................................ 3.62 5. $20,000.00 Certificate of Deposit, # xxxx Loyal Federal Savings at 11.75%, compounded daily on 365/360 basis, 48 mos. maturing \\u00180-0\\u0018-09 with accrued interest for \\u0018,370 days ............................................................................ 3\\u0018,274.78 Total Schedule C .......................................................................................$46,631.29 SCHEDULE D INSURANCE Valuation by Item Fiduciary as of No. Description July 3, 2009 \\u0018. Life Insurance Policy, # xx60\\u0018\\u0018, Long Life Insurance Company, Coral Gables, Florida, Named Beneficiary, Estate .............................................. \\u00180,000.00 Total Schedule D .......................................................................................$10,000.00 2021 500-88 Kansas Probate Forms 3d SCHEDULE F MISCELLANEOUS PROPERTY Valuation by Item Fiduciary as of No. Description July 3, 2009 \\u0018. The furniture, household goods and wearing apparel situated in the home of the decedent at the time of death ............................................................$1,500.00 2. One 2000 Model Chevrolet 4-dr. sedan, Id. # \\u0018234567890 ................................. \\u0018,750.00 3. One 2000 Model Ford ½ ton pickup truck, Id. # 098765432\\u0018 ............................. \\u0018,600.00 4. Approximately \\u00180 tons of fertilizer ...................................................................... \\u0018,500.00 5. Farm machinery, tools and equipment One 2005 John Deere 5040 Tractor ........................................................... 40,000.00 One 2000 Sunflower 12' Disc ..................................................................... 4,000.00 One 2000 IHC Planter ................................................................................ 3,000.00 Miscellaneous Tools & Equipment ............................................................ 2,000.00 6. Inventory of retail produce business .................................................................... \\u0018,900.00 7. Furniture, fixtures and equipment used in retail produce business...................... \\u0018,000.00 8. Stamp collection (specifically bequeathed to Mary Ann Jones) .......................... \\u0018,000.00 9. Approximately one thousand bushels of wheat ................................................... 2,600.00 \\u00180. Annual Crops, growing........................................................................................ 4,000.00 Total Schedule F .......................................................................................$65,850.00 RECAPITULATION OF PROBATE ASSETS Schedule A Real Estate ..............................................................$258,000.00 Schedule B Stocks and Bonds ....................................................$ 30,145.79 Schedule C Mortgages, Notes & Cash .......................................$ 46,631.29 Schedule D Insurance .................................................................$ 10,000.00 Schedule F Miscellaneous Property ............................................$65,850.00 Total Probate Assets .......................................................$410,627.08 II. NONPROBATE ASSETS: (For Informational Purposes Only) SCHEDULE E JOINTLY OWNED PROPERTY Valuation by Item Fiduciary as of No. Description July 3, 2009 \\u0018. The residence of the decedent located on the Northeast quarter of Section 26, Township 20 South, Range 30 West of the 6th P.M., containing \\u001860 acres more or less, Apache County, Kansas, owned by John Doe and Mary Doe, as joint tenants ......................................................$86,000.00 Less one-half qualified joint tenancy interest with spouse ...............................( 43,000.00) 2021 500-89 Kansas Probate Forms 3d 2. Hometown State Bank - Certificate of Deposit, owned by John Doe and Mary Doe, as joint tenants Cert. Issue Maturity Interest Interest # Date Date Last Paid Rate xxxx 08-0\\u0018-02 08-0\\u0018-\\u00180 06-0\\u0018-09 8% daily comp. on 365/365 basis $25,000.00 Accrued interest to July 3, 2009 (32 days) $ 175.94 Less one-half qualified joint tenancy interest with spouse ( 12,587.97) Total Schedule E $55,587.97 SCHEDULE G TRANSFERS Valuation by Item Fiduciary as of No. Description July 3, 2009 (NONE) SCHEDULE H POWERS OF APPOINTMENT Valuation by Item Fiduciary as of No. Description July 3, 2009 (NONE) SCHEDULE I ANNUITIES Valuation by Item Fiduciary as of No. Description July 3, 2009 (NONE) RECAPITULATION OF NONPROBATE ASSETS Schedule E Jointly Owned Property ............................................$55,587.97 Schedule G Transfers ......................................................................$ 0.00 Schedule H Powers of Appointment ...............................................$ 0.00 Schedule I Annuities .......................................................................$ 0.00 Total Nonprobate Assets ..................................................$55,587.97 2021 500-90 Kansas Probate Forms 3d RECAPITULATION OF ALL ASSETS Total Probate Assets ......................................................................$410,627.08 Total Nonprobate Assets ................................................................$ 55,587.97 Total Estate ....................................................................................$436,215.08 AFFIDAVIT OF EXECUTOR STATE OF KANSAS COUNTY OF APACHE Mary Doe, being first duly sworn, on oath states: Mary Doe is the Executor of the Estate of John Doe, deceased; the above and foregoing is a full, true and correct inventory and valuation of all property of the types and classifications of real and personal property located within the State of Kansas, and intangible personal property, wheresoever located, owned by John Doe, deceased, which has come into Executor's possession or of which Executor has knowledge. Made and returned by Mary Doe, Executor of the Estate of John Doe, deceased, as of July 3, 2009, the date of the death of the decedent. MARY DOE Executor SIGNED AND SWORN to (or affirmed) before me on September 4, 2009. NEVA WRIGHT Notary Public (SEAL) My Appointment Expires: January \\u00180, 20\\u00185 Reference K.S.A. 53-601; 59-1201; 59-1202; 59-1203; 59-1206; 59-1207; S. Ct. Rule 111; S. Ct. Rule \\u001823. 2021 500-9\\u0018 Kansas Probate Forms 3d Time The Inventory and Valuation should be made within thirty days after the appointment of the Executor, unless the time is extended by the court. Comment The Inventory and Valuation has been prepared to correspond with the schedule in the Federal Estate Tax return (IRS Form 706). Nonprobate assets need not be listed but often are for information purposes. The Estate of John Doe is not large enough to require a Federal Estate Tax Return. For a discussion of Kansas death taxes, see Kansas inheritance, estate and succession taxes later in this comment. An Inventory and Valuation is necessary in every estate. No independent appraisal shall be made unless a party having an interest in the estate requests one. If an appraisal is requested by a person having an interest in the estate, see the following forms: Form No. Title 613 Report of Appointment and Petition for Approval of Appraiser 6\\u00184 Order for Hearing 6\\u00185 Order Approving Appointed Appraiser 616 Certificate of Appraiser 6\\u00187 Valuation and Independent Appraisal Accrued interest is the amount of interest earned prior to (and not including) the date of death and not yet paid. An unsworn declaration pursuant to K.S.A. 53-60\\u0018 may be used as an alternative to the Affidavit of Executor. KANSAS INHERITANCE, ESTATE AND SUCCESSION TAXES Kansas first enacted an inheritance tax in 1909, and except for a brief period between 1913 and \\u00189\\u00185, Kansas had an inheritance tax continuously until July \\u0018, \\u0018998. The old law was found at K.S.A. 79-\\u001850\\u0018 et seq., and applied to estates of decedents dying prior to January \\u0018, \\u0018979. The statute of limitations under the old act was found at K.S.A. 79-\\u0018529 and provided that the estate and beneficiaries thereof were exempt and free from any inheritance tax ten years after the death of the decedent. As a result, since January \\u0018, \\u0018989, the old inheritance tax has had no further application. For decedents who died on or after January \\u0018, \\u0018979, but prior to July \\u0018, \\u0018998, the new Kansas Inheritance Tax Act applied to their estates. The new Inheritance Tax Act was found at K.S.A. 79-\\u0018537 et seq. Pursuant to the statute of limitations provision of the new Inheritance Tax Act (K.S.A. 79-1574), the inheritance tax may be assessed within three years after the later of the date a return is filed or the tax is paid. K.S.A. 79-15,119 was amended in 2001 to provide that the Act is applicable to the estates of all decedents dying before July \\u0018, \\u0018998, for which an inheritance tax return was filed before July 1, 2008. If such an inheritance tax return is not filed 2021 500-92 Kansas Probate Forms 3d before July 1, 2008, no liability which may have been imposed if the return was filed by such date shall accrue to either the estate or the distributors of the estate. In 2006, K.S.A. 79-\\u00185,\\u0018\\u00189 was repealed, but K.S.A. 79-\\u00185,25\\u0018 was enacted and continues the provisions of K.S.A. 79-\\u00185,\\u0018\\u00189, by reference. The 1998 Legislature passed the old Kansas Estate Tax Act (sometimes called the “pick- up” tax) which was found at K.S.A. 79-15,100 et seq. The act applies to estates of decedents who died on or after July \\u0018, \\u0018998, and before January \\u0018, 2007. Changes made by the \\u0018999 Legislature (L.1999, ch.79.) included elimination of the state’s lien against property of the estate, and elimination of the requirement that the district court find that all estate taxes have been paid prior to accepting a final accounting from a personal representative. These changes were retroactive to July 1, 1998. The 2003 legislature passed HB 2005 (L. 2003, ch. 147) which was effective May 22, 2003. Sections 45 through 48 (K.S.A. 79-15,101 to 79-15,103 and 79-15,109) of the bill amended the existing estate tax law to provide clarification. New sections 50 through 66 (K.S.A. 79-15,129 to 79-15,145) added administrative and enforcement provisions to the estate tax. Until January \\u0018, 2007, the Kansas estate tax was based on federal law as it existed on December 3\\u0018, \\u0018997. Therefore, changes in federal tax law adopted in June of 200\\u0018 did not affect the Kansas estate tax. The \\u0018997 federal law that Kansas has incorporated by reference did not recognize the accelerated filing thresholds found in current federal law nor did it recognize the phase out of the credit for state death taxes. However, for estates of decedents dying on or after January \\u0018, 2007, a new Kansas estate tax will apply. The 200\\u0018 Legislature passed the Kansas Estate Tax Apportionment Act. Practitioners handling taxable estates may wish to familiarize themselves with the Act, which was effective July \\u0018, 200\\u0018, and may be found at K.S.A. 79-\\u00185,\\u001826. The 2002 Legislature passed the Kansas succession tax. It imposed a tax on the privilege of succeeding to the ownership of property on remote heirs. The effective date of the succession tax was June 6, 2002. However, the 2003 Legislature passed HB 2005 (L. 2003, ch. 147) in which section 49 (K.S.A. 79-15,128) provides for the retroactive repeal of the succession tax, abolishes any tax liability thereunder, and provides a procedure for refunding any tax paid. For more information on repeal of the succession tax see Kansas Department of Revenue Notice 2003-06 Succession Tax Repealed Retroactively and Notice 2003-07 Retroactive Repeal of Succession Tax Refund Procedures. These notices can be found on the Kansas Department of Revenue’s website at www.ksrevenue.org. In 2006 the Legislature passed the “new” Kansas Estate Tax Act which was found at K.S.A. 79-\\u00185,20\\u0018 et seq. The “new” estate tax was effective for the estates of decedents dying on and after January 1, 2007. Under the act, estates valued at $1 million and below were exempt from the tax for the years 2007, 2008 and 2009. K.S.A. 79-\\u00185,225. For the tax year 2007, the rates were from 3 to \\u00180 percent. For the tax year 2008, the rates were from \\u0018 to 7 percent. For the tax year 2009, the rates were from 0.5 to 3 percent. K.S.A. 79-\\u00185,203. K.S.A. 79-\\u00185,253 provided for the repeal of the estate tax for decedents dying on or after January \\u0018, 20\\u00180. In summary, estates of persons who died before July \\u0018, \\u0018998, were subject to an inheritance tax. Estates of persons who died on or after July \\u0018, \\u0018998, but before January \\u0018, 20\\u00180, were subject to an estate tax. The 20\\u00180 Legislature passed HB 2557 which provides that there will be no liability for estates under the “old” estate tax act (the “pick-up” tax) for returns filed on or after January 1, 2017, and there will be no liability under the “new” estate tax act for returns filed on or after January \\u0018, 2020. Probate filings for persons who died on or after July 1, 1998, need not refer to the inheritance tax because the inheritance tax does not apply to such estates. Probate filings of persons who died 2021 500-93 Kansas Probate Forms 3d on or after January 1, 2010, need not refer to the Kansas estate tax. Probate filings of persons dying on or after July \\u0018, \\u0018998, but before January \\u0018, 20\\u00180, should either plead that no Kansas estate tax is chargeable against the estate or that the Kansas estate tax return for the estate has been filed and all estate taxes have been paid. Information about the Kansas estate tax is available on the Department of Revenue website at: www.ksrevenue.org If tax forms or instructions are required, they are also available. For questions about the Inheritance, Estate or Succession Tax, contact: Kansas Estate Tax Kansas Department of Revenue 9\\u00185 SW Harrison St. Topeka, KS 666\\u00182-\\u0018588 Kansas Tax Assistance (785) 368-8222 Fax: (785) 291-3614 Hearing Impaired TTY: (785) 296-6461 Voice mail forms request line: (785) 296-4937 2021