Montana Probate Inventory
A Montana probate inventory is due 9 months after appointment under MCA 72-3-607. What to list, how to value it, and who gets a copy.
A Montana probate inventory is a list of the probate property the decedent owned at death, with each item's fair market value on the date of death and any debt secured against it. MCA 72-3-607(1) gives the personal representative 9 months after appointment to prepare it, three times the 3 months many other states allow. The personal representative either sends it to the heirs, devisees and unpaid allowed creditors who ask for it, or files the original with the district court and sends copies on request.
This page covers the inventory only. The full list of what a personal representative does, in the order the code sets, is in the Montana executor duties guide. The statements below come from the Montana Code Annotated 2025.
Who Has to Prepare It
The duty falls on the personal representative. MCA 72-3-607(1) excludes two people: a special administrator, and a successor personal representative who follows someone who already prepared the inventory.
The 9 months run from appointment, not from the date of death. Montana has required 9 months for years; an independent audit of the 2023 amending act (HB 452, Ch. 564, L. 2023) found that its enrolled text reprints "Within 9 months after appointment" with no change, so the period predates 2023.
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Take the 2-minute assessmentWhat Goes on the List
The inventory covers probate property owned by the decedent at death, "with reasonable detail." For each item, 72-3-607(1) and (2) require:
- a description detailed enough to identify it,
- the fair market value of the decedent's interest as of the date of death, and
- the type and amount of any encumbrance, such as a mortgage or a lien on a vehicle.
A working list for a typical Montana estate might include:
| Category | Typical items |
|---|---|
| Real property in the decedent's name alone | A house, ranch or farm ground, a cabin, mineral or royalty interests |
| Accounts with no living payee | Checking, savings and certificates of deposit held in the decedent's name only |
| Investments | Brokerage accounts and securities with no transfer on death registration |
| Titled property | Vehicles, trailers, boats and aircraft titled to the decedent alone |
| Business and farm interests | A sole proprietorship, partnership or LLC interest, livestock, equipment and stored grain |
| Money owed to the decedent | Promissory notes, final wages, refunds and unpaid rent |
| Household and personal items | Furniture, tools, firearms and collections, which can be grouped where values are small |
What Stays Off the Inventory
Property that passes outside probate is not probate property, so it does not belong on the 72-3-607(1) inventory:
- Joint tenancy property with a right of survivorship, which passes to the surviving joint tenant.
- Accounts and securities with a payable on death or transfer on death beneficiary who survived.
- Life insurance, retirement accounts and annuities with a living named beneficiary.
- Real property covered by a recorded transfer on death deed.
- Assets titled to a living trust, which the trustee administers under the trust.
Nonprobate property can still matter. It counts toward a surviving spouse's elective share and it can be reached for statutory allowances and creditor claims when the probate estate is short, so keep a separate record of it even though it is left off this list.
Valuing the Assets
The standard is fair market value on the date of death. Under 72-3-607(2), the personal representative may hire a qualified and disinterested appraiser for any asset whose value is open to reasonable doubt, and different appraisers may value different kinds of property. The names and addresses of any appraisers go on the inventory beside the items each one valued.
Common sources for date-of-death values:
- Bank accounts: a statement or letter from the bank showing the balance on the date of death.
- Publicly traded securities: the market price on the date of death, which a brokerage firm can supply.
- Real property: an appraisal. A county tax assessment is not the same thing as fair market value.
- Vehicles and equipment: a dealer or published pricing guide, or an appraiser for specialized farm equipment.
- Closely held business interests: a business appraiser, since no market price exists.
The same date-of-death values often set the heirs' income tax basis, which is why careful numbers here save trouble later. The Montana step-up in basis guide explains that link.
Who Receives a Copy
Montana gives the personal representative two ways to deliver the inventory under 72-3-607(3):
- Send it privately. Mail a copy to the heirs, devisees, and creditors with allowed claims that have not been paid, if they ask for one.
- File it. File the original with the district court and send a copy to interested persons who ask.
Many families prefer the first route because a filed inventory becomes part of the court record. Under 72-3-607(4), an heir, devisee, creditor or other interested person may waive the right to receive a copy by signing a written waiver and delivering it to the personal representative. The waiver covers that person's copy. It does not excuse the personal representative from preparing the inventory.
The Spouse's 90-Day Property List
A surviving spouse gets a wider list on demand. Under 72-3-607(6), a spouse who still has an unexpired right to elect under 72-2-232 can demand a list of all property the decedent owned at death, probate and nonprobate, with the fair market value, the nature of the decedent's interest, and the name of each nonprobate transferee. Unless the court orders otherwise after notice and hearing, the personal representative prepares it within 90 days of the demand.
That list is how a spouse sizes a claim. The Montana elective share guide explains the calculation it feeds. Under 72-3-607(5), a personal representative may also prepare the same kind of list voluntarily.
Under 72-3-607(7), the personal representative has authority to gather the information needed for the inventory and these lists, and a bank or other party that provides the requested information is discharged from liability for doing so.
Assets Found Later, or Values That Were Wrong
Estates rarely surface every asset in the first months. MCA 72-3-609 requires a supplemental inventory or appraisal whenever the personal representative learns of property left off the original, or learns that a value or description was wrong. The supplement shows the date-of-death market value of the new item, or the corrected value, and the appraisers or data relied on. It is filed with the court if the original was filed, and otherwise sent to the persons the new information affects.
When the Inventory Runs Late
Montana does not set a separate penalty for a late inventory, but a late inventory slows everything that depends on it. Creditor payments, the final accounting and the closing statement all need a reliable list of what the estate holds. The code's backstop is MCA 72-3-1015: if an estate is not closed within 2 years of appointment, the judge orders the personal representative and the attorney to show cause, and without good cause may order the estate closed within 30 days and deny them any fee.
Where the Inventory Leads
The inventory is the opening balance of the accounting. Every receipt and payment after it is measured against those date-of-death values, and the sworn account required by MCA 72-3-1005 before the estate closes starts from the same list. The Montana probate accounting guide covers that account, and the Montana creditor claims guide covers the claims that are paid from the property listed here.
Related Montana Guides
- Montana Executor Duties
- Montana Probate Accounting
- Montana Elective Share
- Montana Step-Up in Basis
- Montana Creditor Claims
Sources:
- Title: MCA 72-3-607, Inventory -- appraisal. Publisher: Montana State Legislature, Montana Code Annotated 2025. Publication Date: Accessed 2026-09-27. URL: https://mca.legmt.gov/bills/mca/title_0720/chapter_0030/part_0060/section_0070/0720-0030-0060-0070.html
- Title: MCA 72-3-609, Supplemental inventory. Publisher: Montana State Legislature, Montana Code Annotated 2025. Publication Date: Accessed 2026-09-27. URL: https://mca.legmt.gov/bills/mca/title_0720/chapter_0030/part_0060/section_0090/0720-0030-0060-0090.html
- Title: MCA 72-2-232, Elective share. Publisher: Montana State Legislature, Montana Code Annotated 2025. Publication Date: Accessed 2026-09-27. URL: https://mca.legmt.gov/bills/mca/title_0720/chapter_0020/part_0020/section_0320/0720-0020-0020-0320.html
- Title: MCA 72-3-1005, Final accounting required to close estate. Publisher: Montana State Legislature, Montana Code Annotated 2025. Publication Date: Accessed 2026-09-27. URL: https://mca.legmt.gov/bills/mca/title_0720/chapter_0030/part_0100/section_0050/0720-0030-0100-0050.html
- Title: MCA 72-3-1015, Estate to be closed within two years. Publisher: Montana State Legislature, Montana Code Annotated 2025. Publication Date: Accessed 2026-09-27. URL: https://mca.legmt.gov/bills/mca/title_0720/chapter_0030/part_0100/section_0150/0720-0030-0100-0150.html
This guide explains Montana law in general terms. It is not legal advice.
Related Montana Resources
Montana Probate Accounting
Montana probate accounting: the inventory is due 9 months after appointment, and a sworn final accounting is required before the estate can close.
Closing an Estate in Montana
Closing an estate in Montana: the sworn closing statement after 6 months, an order of complete settlement, and when the representative is freed.
Montana Advance Directive
A Montana advance directive is a living will signed before two witnesses, a durable health care power of attorney, or both.
Montana Ancillary Probate
Montana ancillary probate: an out-of-state personal representative files with the district court where the property sits and gets a clerk's certificate.