Can an executor appraise estate assets themselves?
No. Courts treat self-appraisals as inherently biased, and most states require an independent, qualified appraiser for non-cash personal property. Some, like California, go further and route certain assets through a court-appointed probate referee. An independent appraisal from a credentialed professional is the only defensible option.
Are assets in a living trust included in the probate appraisal?
No. Assets held in a living trust or with beneficiary designations, such as payable-on-death accounts or life insurance, transfer directly outside of court supervision and are not part of the probate estate. Only assets subject to probate require a formal appraisal.
What happens if an asset is discovered after the inventory is filed?
The executor files an amended or supplemental inventory with the court, accompanied by a new appraisal reflecting the asset's fair market value as of the date of death. Reporting promptly is important, as courts may scrutinize delays and penalize concealment.
How does the appraised value affect executor and attorney fees?
In many states, executor and attorney compensation is tied to the size of the estate, either as a statutory percentage of the gross appraised value (as in California and New York) or as a "reasonable" fee that courts benchmark against estate value. A higher appraised value can increase those fees, so an accurate, well-supported valuation matters to every party involved.
What are the deadlines for filing a probate inventory?
Deadlines are set by state law and typically run from the date the executor or administrator is appointed, commonly within 60 days to a few months (California allows four months, for example). Late filings usually require court approval and can delay estate administration, so engaging an appraiser promptly after appointment is advisable.