How are assets valued for probate?

In Vermont, assets are valued in probate according to a fair market value standard. This means that the value of an asset is determined by what a willing buyer would pay for it in a typical sale situation. The value is not necessarily what the asset was originally purchased for or its current appraised value. When it comes to determining the value of real estate, the court will typically appoint an appraiser to assess the property and provide an opinion of value. Appraisers will usually inspect the property, inspect the surrounding area, and consider recent sale prices for similar properties when making a determination. For other assets, such as stocks, bonds, and mutual funds, there are various valuation methods, such as the closing price on the date of the person’s death or the lowest selling price in the 30 days prior to death. When it comes to personal property such as vehicles, furniture, and jewelry, the court may appoint an expert appraiser to determine the value. The expert appraiser will consider factors such as condition and age to assess the value of the asset. In some cases, the court may also rely on the sworn statement of the executor or administrator of the estate to determine the fair market value of an asset. However, this should only be done if the executor or administrator is knowledgeable about the item and its value.

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How are assets valued for probate?

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