As part of the probate process, a personal representative has to find out exactly what a decedent owned. This inventorying process can often take a long time, and it includes determining how much each item is worth. Probate appraisals are something that are often required in order for the personal representative to complete the inventory process. Here’s what you need to know.
What is an appraisal?
An appraisal is simply a determination of fair market value. For many items, such as real estate, valuable collectibles, antiques, and other items that don’t have a readily apparent value, the personal representative will often have to hire an appraiser.http://www.raygerman.com/estate_planning/probate Appraisers are people with special knowledge who evaluate property and give it a value based on their expertise.
When is an appraisal necessary?
Any property that isn’t easily valued might need an appraisal. For example, the value of a bank account is easily determined because there is a specific amount of money in the account at any time. On the other hand, a valuable piece of artwork that the decedent purchased years ago might need to be appraised by an expert because its value isn’t something an average person can determine.
How long does a personal representative have to complete the appraisal?
In general, the personal representative has either six or nine months to complete the inventory and appraisal process in Minnesota. The deadline for filing the inventory is six months after appointment to the position by the court, or nine months after the decedent died, whichever is longer.
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