Determining the value of a dead person's estate

When someone dies, their estate must pass through the legal process known as probate. During probate, assets of the estate are inventoried, (if assets permit) the creditors are paid, and the remaining assets (if any) are transferred to beneficiaries or heirs of the estate. As part of this process, all assets must be valued. Usually the value of the asset must be determined as of the date of death. Depending on the size of the estate, and the type of assets held by the estate, this can be a long and complicated process.

Real property is usually easy to value. You need to have a certified appraiser to provide the value and you must explain that you want a value for the date of death, not for today’s date.

Bank accounts and other financial accounts are also usually relatively easy to value. Talk to a bank representative to determine the value on a specific day, though as the value on a statement may include interest earned over the course of the month, and is not an actual date of death. Securities such as stocks are more complicated because the value of a stock can fluctuate significantly over the course of a day. The usual method of determining the value is to average the high and low values for the day in question. For the value of a bond, consult with a a bond broker. These are difficult to value without the assistance of a professional.

The decedent’s personal assets need to be valued. The easiest way to accomplish this is to hire a professional estate appraiser. Although it will cost money, it will save a lot of time and usually will prevent conflict regarding that value of personal items. Be careful with anything that may be a collectible or something unusual. You may need to take an item like that to a specialist for an appraisal. A collection of old toys, for example, may be worth a lot more than the average appraiser realizes.

If the decedent owned a business or a share in a business, you must hire professional(s) to come in and value the business.

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Mark Shapiro, judgment expert, judgment broker, judgment writer, and a smile chaser.  Visit: http://www.JudgmentBuy.com