Probate is a legal process where the will of a deceased person is administered, or if there is no will, the court administers the estate. A probate appraisal is needed to determine the value of the estate assets. Probate valuation involves valuing all assets of the estate, including cash, accounts, property, stock, business and personal assets. A probate assessment is needed to pay probate or probate taxes on the property and to determine what each beneficiary will inherit. If the probate valuation is contested, the court will appoint an independent probate valuation service to do a separate valuation.
When someone dies, their estate usually has to go through a legal process known as probate. During probate, the will of the deceased – deceased person is administered or, if the deceased did not leave a will, the court administers the estate through the law on inmate succession. Once the inheritance has been entered for probate, one of the first things to do is a probate appraisal. Put simply, an estate appraisal determines the value of the estate assets.
Laws relating to estate management and estate succession may vary by jurisdiction, but the concept of probate and probate valuation is generally similar. Upon the death of the deceased, anyone in possession of a will must submit the will to the probate court and apply for the opening of a probate case. In the absence of a will, it may still be necessary to open an probate case if the inheritance has left substantial debts and/or assets. An executor or administrator will be appointed to oversee the affairs associated with the probate process.
Once the inheritance has been admitted to the probate, probate valuation must be carried out. Probate valuation involves valuing all assets of the estate, including cash, accounts, property, stock, business and personal assets, and anything else of value that was owned by the deceased at the time of death. Experts can be employed to assist in the probate assessment process.
There are a number of reasons why a probate assessment is needed. First, you may need to pay probate or probate taxes on the property, and a proper assessment must be done to determine the amount of tax owed. Secondly, the debts of the estate must be paid before the assets can be transferred to the beneficiaries, therefore a total accounting of both assets and debts is necessary. When the decedent’s will passes to the beneficiaries a percentage of the estate instead of certain items or monetary amounts, or when the deceased died in or out of a will, an estate valuation is needed to determine what each beneficiary will inherit.
If a beneficiary or interested person is not satisfied with the estate valuation filed with the court, he or she can challenge the valuation. If the probate valuation is contested, the court will likely appoint an independent probate valuation service to do a separate valuation. Ultimately the court will make a final decision on the value of the estate.
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