Asset valuation is an important aspect of the estate administration process in Orange County. The value that results is used for many purposes, including the payment of taxes and filing of probate court documents. If you have never served as an estate administrator or trustee in the past, it is essential to know estate assets and how they are valued. You may not be familiar with the process of obtaining a valuation. Fortunately, the experienced Anaheim estate attorneys at the Law Office of James F. Roberts & Associates can help.
Obtaining an asset valuation will require different processes, depending on the type of asset that is being valued. Some of the more common assets that are often part of an estate are valued in the following manner:
- Value commercial real estate by obtaining a written appraisal from a professional and licensed appraiser.
- Value residential real estate by obtaining a written appraisal from a real estate agent.
- Value stock by averaging the high and low selling prices on the date of death of the decedent.
- Value U.S. treasury notes using their redemption value after subtracting interest.
- Value cars by the fair market value sale price as of the date of death.
- Value airplanes and boats in the same manner as cars.
- Value checking and saving accounts by using the exact balance on the date of death of the decedent.
It is essential to know estate assets and how they are valued. View here for more from an Anaheim trust attorney. Since the value that is used is important to the administration process, it is crucial that it be obtained properly. Our office of experienced Anaheim trust attorneys can offer further guidance during the asset valuation and estate administration process. Call us today at (714) 459-5481 for a consultation.