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When considering the value of an estate in probate, is the…

When considering the value of...
When considering the value of an estate in probate, is the value of the non-probate inventory added?
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11/30/2017
originallawyer
originallawyer, Attorney
Category: Estate Law
Satisfied Customers: 905
Experience: 9+ years of experience in writing wills and probating estates in a variety of ways.
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Generally speaking no, assets like a life insurance policy that has a clear beneficiary that pass out side of probate do not get calculated into the value of an estate for inventory purposes.

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Customer reply replied 8 months ago
Thank you.
One followup:
Considering the original verified probate appraisement, what percentage are the items depreciated each year?
(vehicles, house, furnishings, etc.).
Is there a formula?

That would depend primarily on the state where the probate is taking place, but I do not believe there is a one size fits all formula for determining this.

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Customer reply replied 8 months ago
But is it correct that there would generally be a depreciation factored in to these type items?

That again would be state specific, but yes, if the value of the estate changed, say for instance, the value of a property going up or down, that would need to be reflected in updated estate accounts. But that would not necessarily depend on a depreciation formula but the reappraisal or reevaluation of the property.

originallawyer
originallawyer, Attorney
Category: Estate Law
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Experience: 9+ years of experience in writing wills and probating estates in a variety of ways.
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Customer reply replied 8 months ago
Thank you!
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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