In the last article, we discussed how Colorado Wills can waive the Personal Representative’s requirement to obtain a bond before settling a decedent’s estate. In this article we will look at the requirement for the PR to create an inventory of estate assets. Pursuant to Colorado Probate Law, within three months after appointment, a Personal Representative shall prepare an Inventory of property owned by the Decedent that is subject to disposition by Will or intestate succession.  The Inventory must list the property with reasonable detail, indicate the Decedent’s interest in the property, and include the fair market value as of the Decedent’s date of death.  The type and amount of any liens and encumbrances on the property must also be listed.  If additional property is discovered after the initial inventory has been completed, a supplemental inventory listing the newly discovered property shall be completed.