What it asks for
Nine schedules and a list of encumbrances. Assets are valued at fair market value on the date of appointment; Schedule C lists a year’s expected income instead. Page 1 adds them up. Total gross value, less encumbrances, is total net worth.
| Schedule | What goes there |
|---|---|
| A | Real estate, with tax map number, insurance, and the protected person’s share |
| B | Accounts and investments: bank accounts, CDs, stocks, bonds, mutual funds, retirement accounts |
| C | Income expected over a year, from each source. Left out of the total |
| D | Life insurance the protected person owns, at cash value; other insurance listed beside it |
| E | Property owned jointly with right of survivorship |
| F | Other personal property: belongings, titled assets, business interests, collections |
| G | Transfers within three years of incapacity |
| H | Property under a power of appointment |
| I | Annuities, IRAs and Keoghs, with the beneficiary |
| Encumbrances | Mortgages, liens and judgments on a listed asset, subtracted from the total |
Total gross value also sets the court’s fee for opening the conservatorship. You may pay that fee when the inventory is due. §8-21-770 (opens in a new tab)
Common mistakes
Income counted in the total
Schedule C is marked “not included” in the recapitulation. List the income there, then leave it out of total gross value.
A blank schedule
Every schedule says “If none, so state.” Write “None” rather than leaving it empty.
Joint property on Schedule A or B
Property held with right of survivorship goes on Schedule E, whether it is land, an account or an investment.
Property out of state left off
The form asks for out-of-state assets too. List them on the schedule they belong to.
Ordinary debts as encumbrances
Encumbrances are only liens on an asset you listed, named by schedule and item. The form excludes general debts of the estate.
To correct the inventory or add an asset found later, file the same form, marked Supplemental.
Your first account
The beginning balance of the first Conservator Report comes from this inventory: line 19a on the long form, 5a on the short. Each year the long form asks whether you have found assets the inventory left out.
Sources
- 550GC, Inventory and Appraisement (opens in a new tab), South Carolina Judicial Branch
- S.C. Code §62-5-415 (opens in a new tab), when the inventory is due, and who gets a copy
- S.C. Code §8-21-770 (opens in a new tab), the opening fee, set by the inventory
Also for South Carolina: 567GC, Conservator Report
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