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.

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How are assets valued for probate?

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