How are assets valued for probate?

When assets are valued for probate in South Carolina, the value is generally determined according to the fair market value as of the date of the decedent’s death. Fair market value is the price that an asset would sell for in the open market when both the buyer and seller are aware of all the pertinent facts. Therefore, the assessor of the asset needs to take into account any recent improvements or depreciation of the asset and consider any other factors that may affect its overall value. Real estate assets, for instance, are generally appraised by a professional appraiser in order to determine their fair market value. Appraisals may include physical inspections of the property as well as an examination of the current real estate market and comparable sales. Personal property such as automobiles, jewelry, furniture and art can be appraised by a professional or estimated based on recent sales receipts or other comparable sales. Cash and investments may be estimated based on the most recent account statements. In some cases, South Carolina law allows the executor or administrator of the estate to find the fair market value using any reasonable method, including professional appraisals. This allows the assessor to make an informed decision on asset valuation while abiding by the law and ensuring that the decedent’s beneficiaries receive the full amount of their inheritance.

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