How are assets valued for probate?

When it comes to probate law in California, assets are valued for probate through a process known as asset valuation. This process involves identifying all of the assets of the deceased (such as real estate, stocks, bonds, and personal property), and then determining their fair market value. Fair market value is the price that the assets would be bought or sold for in an open, competitive market. The executor (the person in charge of the estate) must then hire appraisers to evaluate the assets of the estate. Appraisers are professionals who are able to accurately determine the value of different types of property. Appraisers use various methods to determine the value of the assets, such as market research, sales history, and comparison to similar properties. It is important that the executor is able to provide as much information as possible regarding the assets when hiring an appraiser. It is important to note that any assets which are held jointly or have been transferred into a trust may not be subject to the probate process. Once the assets are valued, the executor must file an inventory of all the assets with the court and with the beneficiaries. Once the inventory is approved by the court, the executor can then proceed with distributing the assets to the beneficiaries as specified in the will.

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How are assets valued for probate?

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