What to do regarding estate valuation of tangible, non-monetary property?

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What to do regarding estate valuation of tangible, non-monetary property?

I am executor-to-be of my elderly mother’s estate. Her Will divides everything equally amongst her 3 children. All of her monetary assets are in POD accounts that also divide the proceeds equally amongst her 3 children. The value of her estate is planned to be less than $150,000 in order to avoid probate. So, her estate will consist entirely of tangible, non-monetary property. How will we value these tangible items in regard to probate?

Asked on July 28, 2012 under Estate Planning, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

The best way to value the tangible assets of your mother's estate is to get an appraiser of the personal property to come in and value the items after you send him or her an itemization of the inventory. By doing such, you would then end up with a written report valuing each item of your mother's estate with respect to the probate.


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