755 ILCS 5/ Probate Act of 1975.

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755 ILCS 5/Art. XIV

(755 ILCS 5/Art. XIV heading) ARTICLE XIV

INVENTORY AND APPRAISAL

755 ILCS 5/14-1

(755 ILCS 5/14-1) (from Ch. 110 1/2, par. 14-1)

Sec. 14-1.

Inventory.) (a) Within 60 days after the issuance of his letters
the representative of the estate of a decedent or ward shall file in the
court a verified inventory of the real and personal estate which has come
to his knowledge and of any cause of action on which he has a right to sue.
If any real or personal estate comes to the knowledge of the representative
after he has filed an inventory he shall file a supplemental inventory thereof
within 60 days after it comes to his knowledge.

(b) The inventory must describe the real estate and the improvements and
encumbrances thereon,  state the amount of money on hand and list all personal estate.

(Source: P.A. 81-213.)

755 ILCS 5/14-2

(755 ILCS 5/14-2) (from Ch. 110 1/2, par. 14-2)

Sec. 14-2.

Appraisal.) If the representative believes that it is necessary
for the proper administration of the estate to determine the value of any
goods and chattels, the representative may appraise them or may employ one
or more competent, disinterested appraisers for that purpose and pay each
of them reasonable compensation for his services.

(Source: P.A. 81-213.)

755 ILCS 5/14-3

(755 ILCS 5/14-3) (from Ch. 110 1/2, par. 14-3)

Sec. 14-3.

Inventories and appraisals as evidence.)
Inventories and appraisals and authenticated copies thereof may
be given in evidence in any suit by or against the representative
but are not conclusive for or against him if other
evidence is given that the estate was worth or was sold in
good faith for more or less than its appraised value.

(Source: P.A. 79-328.)