How are assets valued for probate?

In West Virginia, assets are typically valued for probate based on their fair market value (FMV). FMV is the price that a willing buyer would pay for an asset if it was sold on the open market. This includes items like cars, furniture, jewelry, and houses. Depending on the circumstances, other methods of valuation can be used. Some assets, such as stocks and bonds, may be valued according to their stock or bond prices. Real estate may be valued by obtaining recent sales prices for similar properties in the same area. Personal property, such as art or collectibles, may be valued according to an appraisal by a qualified expert. The Executor of the estate is responsible for determining the fair market value for each asset. The Executor must also file an inventory of estate assets with the court. This inventory should include a description of the asset, the FMV, and the method used to value the asset. The court will review the inventory to ensure that it contains complete and accurate information. Once the court has approved the inventory, it will become a part of the probate record.

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How are assets valued for probate?

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