Subject to the provisions of § 7–205 of this subtitle, and within 3 months after the appointment of a personal representative, the personal representative shall prepare and file an inventory of property owned by the decedent at the time of the death of the decedent, listing each item in reasonably descriptive detail, and indicating its fair market value as of the date of the death of the decedent, and the type and amount of any encumbrance that may exist with reference to the item. The inventory shall include: Real property; Tangible personal property, excluding: Wearing apparel, other than furs and jewelry; and Provisions for consumption by the family; Corporate stocks; Debts owed to the decedent, including bonds and notes; Bank accounts, building, savings and loan association shares, and money; Debts owed to the decedent by the personal representative; and Any other interest in tangible or intangible property owned by the decedent which passes by testate or intestate succession.

Subject to the provisions of this section, the value of each item listed in the inventory shall be fairly appraised as of the date of death and stated in the inventory. The personal representative may appraise the corporate stocks listed on a national or regional exchange or over the counter securities and items in § 7–201(b)(4) and (5) of this subtitle. The personal representative shall secure an independent appraisal of the items in all of the other categories. The personal representative may select one of the methods specified in this section. The personal representative may apply for appraisal by appraisers designated by the register under § 2–301(a) or § 2–302 of this article. Except as provided in paragraph (2) of this subsection, instead of an appraisal of the fair market value, real and leasehold property may be valued at: The full cash value for property tax assessment purposes as of the most recent date of finality; or The contract sales price for the property if: The contract sales price is set forth on a settlement statement for an arm’s length contract of sale of the property; and The settlement on the contract occurs within 1 year after the decedent’s death. Paragraph (1) of this subsection does not apply to property assessed for property tax purposes on the basis of its use value. Instead of an appraisal of the fair market value, a motor vehicle may be valued by a personal representative on the basis of the average value of the motor vehicle set forth in: The National Automobile Dealers’ Association official used car guide; or Any substantially similar price guide designated by the register. The personal representative may employ a qualified and disinterested appraiser to assist the personal representative in ascertaining the fair market value, as of the date of the death of the decedent, of an asset the value of which may be fairly debatable. Different persons may be employed to appraise different kinds of assets included in the estate. The name and address of each appraiser shall be indicated on the inventory with the item or items the appraiser appraised. Reasonable appraisal fees shall be allowed as an administration expense.

A personal representative shall make a supplemental inventory or appraisal of an item showing the market value as of the date of the death of the decedent, or the revised market value, and the appraisals or other data relied on and shall file the supplemental inventory or appraisal with the court if: Property not included in the original inventory comes to the knowledge of the personal representative; or The personal representative learns that the value indicated in the original inventory for the item is erroneous or misleading.

At any time before an estate is closed, the State or an interested person may petition the court for revision of a value assigned to an item of inventory and the court may require revision as it considers appropriate. Unless the personal representative has filed a petition under subsection (a) of this section, the court shall hold a hearing on the petition.

Within 3 months of the date of the appointment of a successor personal representative, the successor personal representative shall return: A new inventory to stand in place of the inventory filed by the predecessor personal representative; or A written consent to be answerable for the items as listed and valued in the inventory filed by the predecessor personal representative.