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What Is a Inventory and Appraisal? Definition, Uses and Importance.

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A list of all assets in the estate at the beginning or during a guardianship, conservatorship. Cash items are valued by their fiduciary; other valuable properties will receive an appraisal from someone who knows what they’re worth.

In a probate inventory and appraisal, all of the assets and their associated valuations are listed.The executor or administrator will fill in any liquid assets, such as cash, and state the date of death value.A probate referee must value any other assets, such as a house or car, that are not considered liquid. This will be done by submitting the inventory and appraisal to a referee.

The non-liquid assets and their values will be filled out by the probate referee, while the liquid assets and their values will be filled out by the executor or administrator. Once the inventory and appraisal are complete, you’ll have a complete picture of the estate’s assets, including their current market value as of the decedent’s death.

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