How is the value of an intestate estate determined?

In Washington, the value of an intestate estate is determined according to the Uniform Probate Code. Generally speaking, the value of an intestate estate is the fair market value of the probate assets, minus any liens or encumbrances. The probate assets are all the assets the decedent owned on the date of death, including any real estate, cash, investments, and personal property. The fair market value is the price the property would bring if it were sold in a reasonable market. It does not include any sentimental or emotional value the decedent had for the property. Liabilities are also taken into consideration when calculating the value of an estate. This includes any debts, funeral expenses, and other costs associated with administering the estate. Any money owed to creditors is subtracted from the fair market value of the probate assets to determine the value of the intestate estate. In some cases, a decedent may have made gifts to others during their lifetime. These gifts may be deducted from the value of the estate if they are documented. The amount of the gift is determined by the fair market value of the property on the date the gift was made. Ultimately, the value of an intestate estate is the total of the fair market value of the probate assets, reduced by any liens or encumbrances and any documented gifts. This amount is then used to determine who will receive the estate’s assets according to Washington’s laws of intestate succession.

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