Disclaimer: This article is for informational purposes only and is not legal advice.
Detailed Answer
Under Georgia law, the personal representative (formerly executor) must file an inventory and appraisement listing all personal property in the decedent’s probate estate. The inventory must state the fair market value of each item as of the date of death. O.C.G.A. § 53-3-2 requires this filing within 90 days after qualification. (O.C.G.A. § 53-3-2)
“Fair market value” means the price a willing buyer would pay a willing seller when both have reasonable knowledge of relevant facts and neither party is under compulsion. Georgia courts apply this common-law definition when interpreting probate valuations.
Common valuation methods include:
- Professional Appraisals: Engage a certified appraiser for antiques, art, jewelry, or specialty items.
- Published Guides: Use the National Automobile Dealers Association (NADA) guide for vehicles.
- Comparable Sales: Research recent local sales of similar items—furniture, electronics, collectibles.
- Auction Records: Check auction houses or online auction results for rare or collectible property.
If the inventory undervalues property or the personal representative omits items, the court may impose sanctions or hold the representative personally liable for losses. Appraisers must take an oath and return their appraisal under O.C.G.A. § 53-3-4. (O.C.G.A. § 53-3-4)
Helpful Hints
- Gather Early: Begin valuation immediately after appointment to avoid deadline issues.
- Keep Records: Document all sources—appraisals, guide values, and comparable sales listings.
- Use Multiple Approaches: Cross-check appraisal values with market data for accuracy.
- Consult Experts: When in doubt, hire a licensed appraiser or a probate attorney familiar with Georgia practice.
- Request Extensions: If you need more time to appraise property, ask the court for an extension under O.C.G.A. § 53-3-2.
This article is for informational purposes only and does not constitute legal advice.