Putting a Value on Things Under California Probate Law

Items the probate referee assigned value to

Part of the decedent’s estate, listed on Attachment 2 of the Inventory and Appraisal Form, will need to a probate referee value assigned, and the California probate court will appoint the probate referee. The process where the probate referee values the property takes time. This portion of the probate process can take up to 12 weeks and possibly longer based on the work load of the probate referee and the county in which the probate is taking place.

This includes assets in the following categories:

  • Real property, such as land, houses, farms, commercial property, life estates, stock cooperatives
  • Business interests, such as interests in corporations, partnerships, or sole proprietorship.
  • Tangible personal property, such as jewelry, art, collections, motor vehicles, boats, airplanes, livestock, breeding animals…
  • Promissory notes, securities, and other interests, such as patents, rights, royalties…

What items do personal representatives assigned value to?

On Attachment 1 of the Inventory and Appraisal, the personal representative will list everything that has a defined monetary value and does not have to be evaluated by the appointed probate referee. He or she will then list the value of each item as established on the day of the decedent’s death.

These assets include:

  • Money, checks, and other items that can immediately be converted into cash
  • Checks issued after the date of death relative to a situation existing before that date, such as tax refunds, refunds of utility bills, medical insurance payments
  • Bank accounts and certificates of deposit
  • Money market funds, such as a brokerage cash account
  • Insurance proceeds or retirement funds payable to the estate

Do you have questions about putting a value on assets? Talk to San Diego trust litigation and probate attorney Scott Grossman about your situation and the questions you have. Call our office at (951) 683-3704 or (888) 443-6590 for your FREE 30-minute telephone consultation. Also, order our FREE legal book The Insider’s Guide to California Probate and Trust Administration.

 
Scott Grossman

Scott Grossman

Attorney

The Grossman Law Firm, APC · 525 B Street, Suite 1500, San Diego, CA 92101 · (951) 523-8307
 

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