Can an Indiana personal representative hire an appraiser for the estate inventory?
Yes. IC 29-1-12-1 lets the personal representative employ a disinterested appraiser to establish the fair market value, as of the date of death, of any asset whose value may be subject to reasonable doubt, with different appraisers for different kinds of assets. The appraiser's name and address go on the inventory beside the items appraised, and the inventory itself must show the fair market value of every item.
Is Indiana a community property state?
No. Under IC 31-15-7-4 the court divides property owned before the marriage, acquired by either spouse before final separation, or acquired jointly, in a just and reasonable manner. There is no automatic half, so the value assigned to a truck, a gun collection, or a company is what each spouse's share is measured against.
Does Indiana license personal property appraisers?
No. Indiana credentials appraisers of real property only. There is no Indiana license for appraising equipment, vehicles, household goods, or collectibles, so USPAP is the standard that applies, and our appraisers hold credentials with organizations such as ASA and ISA.