How are assets valued for probate?

In Illinois, assets must be accurately valued for probate proceedings. Assessing the value of assets tends to be one of the most important parts of the probate process. Generally, assets are valued according to their fair market value at the date of death. Fair market value is the amount of money that a buyer and seller may agree to in a willing and informed transaction. Assets can often be difficult to value, particularly when they are not easily convertible to cash. For example, real estate and vehicles must be appraised in order to determine their fair market value. Professional appraisers can often provide unbiased estimates of value for these items. Personal property, such as art and jewelry, can also be hard to value. In these cases, it may be necessary to obtain professional appraisals or hire a qualified appraiser. It is important to make sure that all assets are accurately valued, as failing to do so can result in legal and financial problems. All asset valuations should be documented in the probate record. If an asset value is disputed, it may be necessary to seek a judge’s approval for the value. Once all asset values are established, they can then be used to calculate the estate’s total value, which will be used for various other legal proceedings.

Related FAQs

Is probate required if the decedent owned joint property?
Can an executor be removed?
What is a personal representative?
Are there any costs involved in probate?
Are there any special rules for the sale of real estate by an executor?
What is a living will?
How is an estate distributed if there is a will?
What are the steps involved in the probate process?
What happens if the executor breaches their duty?
What kind of documents is needed to prove will validity?

How are assets valued for probate?

Related FAQs

Related Blog Posts