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Although probate referees can help calculate the overall value of an estate, some assets demand an expert appraisal.
When You Might Need an Expert Appraisal
If the decedent owned unique or valuable items, you may want to hire an independent expert to appraise the assets. You should consider expert appraisals for artwork, valuable antiques, coin collections, and designer or custom-made jewelry.
California law has some stipulations for expert appraisers. For instance, an expert appraiser should have experience valuing similar items and should not have any legal interest in the estate. This means, they should not be a beneficiary to the estate, an heir, or a potential buyer or seller of any of the estate assets.
The Importance of Estate Valuation
- A low-value estate may not need to be probated
- The court may need to consider the value of the estate to determine how assets should be disbursed if the deceased person died without a will
- If the decedent had any outstanding debts, their estate assets could be garnished by potential creditors
- If the decedent’s home goes on the market, its appraised value may be used to assess capital gains tax
Estates of significant value may also be subject to additional tax penalties. While California does not have a state-level estate tax, the federal government does. If an estate is not properly assessed, the Internal Revenue Service could present the estate’s beneficiaries with an unexpected bill.
How a California Attorney Can Help With Probate
California’s Probate Code sets out clear procedures for probate. However, that does not mean an estate executor has any easy job. Probate is often time-consuming and emotionally draining. That’s why it’s beneficial to hire an estate attorney to assist you with all the requirements in valuing an estate.
The Benefits of Hiring a California Attorney
- An attorney can initiate probate proceedings in accordance with the court’s timeline
- An attorney can marshal the estate’s assets
- An attorney can create an inventory of assets
- An attorney can work with the probate referee to ensure the estate is accurately valued
- An attorney can contact experts to appraise artwork and other items outside the probate referee’s purview
- An attorney can pay the estate’s creditors
- An attorney can disburse inheritances
- An attorney can respond to any potential probate challenges to the estate or the estate plan
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