What is New Jersey's two-appraiser rule in probate?
N.J.S.A. 3B:16-2 requires that when the court orders an inventory, or a family exemption is being set off, the personal representative must have a just appraisal of the decedent's real and personal property made by two discreet and impartial persons. The dual-appraiser requirement is a New Jersey signature; most states require only one.
When is a New Jersey estate inventory and appraisal due?
The court cannot require it until three months after letters are granted, except that when the family exemption is set off, the inventory and appraisal must be completed within those three months. Practice summaries sometimes say four months, but the statute says three; when the deadline matters, the statute controls.
What standard applies to New Jersey inheritance tax valuations?
Clear market value as of the date of death, applied to all tangible personal property under N.J.A.C. 18:26-8.8. These appraisals run through the Division of Taxation rather than the probate court, and the Director can require support from a broker, dealer, or other expert in that property type.
How may a New Jersey personal representative value assets for distribution?
In any reasonable way, including hiring qualified appraisers. N.J.S.A. 3B:23-2 governs valuation for distributions and sets specific rules for traded securities and for assets without readily ascertainable values, which is where professional appraisals of collectibles, equipment, and business interests earn their keep.