How is the value of an intestate estate determined?

The value of an intestate estate is determined by the laws of New York. Generally, an intestate estate is worth the fair market value of all the property owned by the person who died, minus any debts and other liabilities they may have had. This value is determined by looking at what the property would be worth if it were sold on the open market, taking into account any fees associated with selling it. The value of any real estate or other real property owned by the deceased is based on its fair market value, meaning the money it would normally fetch in relation to similar properties in the same area. This can be determined by an appraiser or a real estate broker. The value of any personal property owned by the deceased, such as furniture, vehicles, or jewelry, is determined by its replacement value. The value of a person’s estate may also be affected by any life insurance payouts the deceased had, any retirement accounts or other investments, and any money that was owed to them. After the value of the estate is determined, the court will determine who the heirs are and how much each person is entitled to. The heirs will then share in the estate according to the laws of the state.

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How is the value of an intestate estate determined?

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