In follow-up to yesterday’s post, sometimes you don’t want “the public” (i.e. speculators and busy-bodies) to know the exact value of real estate or other assets in the probate. Here’s a couple of ways to keep the values private:
- The initial Petition or Application to open the probate merely requires estimated values to be given. Typically, you haven’t yet appraised property at this point. The point of listing the estimated values of the probate and non-probate assets is so that the probate court can determine whether the estate is insolvent or not. An acceptable estimate could be something like “$100,000+” for a value. The figure you provide should be balanced with the requisite duties of candor to the court.
- While the Inventory requires exact values at the time of death (estimates will not do), the Inventory may not need to be filed. There are a variety of factors that determine whether the Inventory must be/should be filed (e.g. local practice, the type of proceeding, the identity of the interested parties, etc.) Note the important word “or” in 524.3-706 (“a personal representative…shall prepare and file or mail an inventory…) This statute provides at least the possibility that you do not need to file the Inventory. But again, other factors should be weighed.
The information above does not constitute legal advice. Please see our disclaimer.
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