PROBATE - Inventory and Appraisal - In probate, the Inventory and Appraisal is a single document that lists all assets of the deceased person's estate and determines their fair market value as of the date of death, which is required to be filed with the court.
Inventory:
A comprehensive list of all assets owned by the deceased person at the time of their death, including real estate, financial accounts, personal property, and other assets.
Appraisal:
A valuation of each asset listed in the inventory, determined by a probate referee for most assets, or by the personal representative for certain assets like cash.
PURPOSE:
Determine Estate Value:
The inventory and appraisal establish the total value of the estate, which is crucial for administering the probate process.
Calculate Fees:
The appraised values are used to determine the statutory fees owed to the personal representative and their attorney.
Basis for Tax Purposes:
The appraised values set the income tax basis of the deceased's assets, which is used to compute capital gains or losses on future sales or exchanges.
Court Record:
The inventory and appraisal is a formal record filed with the court, providing a clear picture of the estate's assets.
WHO IS INVOLVED:
Personal Representative:
The person appointed by the court to administer the estate, responsible for preparing the inventory and appraisal.
Probate Referee:
An appraiser appointed by the court to determine the fair market value of certain assets, such as real estate and other non-cash assets.
Court:
The court oversees the probate process, including the filing and review of the inventory and appraisal.
Does not include any Third Party Valuator Fees, Court Costs or Filing Fees.
PROBATE - Inventory and Appraisal (Nationwide)
PROBATE - Inventory and Appraisal - In probate, the Inventory and Appraisal is a single document that lists all assets of the deceased person's estate and determines their fair market value as of the date of death, which is required to be filed with the court.
Inventory:
A comprehensive list of all assets owned by the deceased person at the time of their death, including real estate, financial accounts, personal property, and other assets.Appraisal:
A valuation of each asset listed in the inventory, determined by a probate referee for most assets, or by the personal representative for certain assets like cash.PURPOSE:
Determine Estate Value:
The inventory and appraisal establish the total value of the estate, which is crucial for administering the probate process.Calculate Fees:
The appraised values are used to determine the statutory fees owed to the personal representative and their attorney.Basis for Tax Purposes:
The appraised values set the income tax basis of the deceased's assets, which is used to compute capital gains or losses on future sales or exchanges.Court Record:
The inventory and appraisal is a formal record filed with the court, providing a clear picture of the estate's assets.WHO IS INVOLVED:
Personal Representative:
The person appointed by the court to administer the estate, responsible for preparing the inventory and appraisal.Probate Referee:
An appraiser appointed by the court to determine the fair market value of certain assets, such as real estate and other non-cash assets.Court:
The court oversees the probate process, including the filing and review of the inventory and appraisal.Does not include any Third Party Valuator Fees, Court Costs or Filing Fees.