Disclaimer: This information is for general educational purposes and does not constitute legal advice. Consult a qualified attorney to discuss your specific situation.
Detailed Answer
Under Illinois law, a probate court must determine the fair market value (FMV) of a decedent’s personal property as of the date of death. FMV refers to the price a willing buyer would pay a willing seller in an open market, with neither party under compulsion and both having reasonable knowledge of relevant facts.
Key steps in calculating FMV of personal property in an Illinois probate case include:
- Appointment of Appraisers: Within 30 days after letters of office issue, the executor or administrator must select two or more qualified appraisers. See 755 ILCS 5/6-4.
- Inspection and Research: Appraisers inspect items and research comparable sales, auction records, dealer listings, and online marketplaces that reflect conditions as of the date of death.
- Written Appraisal: Appraisers file a written inventory and appraisal, showing each item, its description, quantity, and FMV. The inventory must be filed within 90 days after appointment. See 755 ILCS 5/6-15.
- Supplemental Appraisal: If property was omitted or values change materially, the executor can request additional appraisal within three years of appointment.
- Court Review: The court reviews appraisals for reasonableness. Interested parties may object and request a hearing on valuation.
Factors influencing FMV include item condition, age, rarity, local demand, and recent comparable sales. For unique or high-value items (artwork, jewelry, collectibles), consider obtaining specialty appraisals from certified professionals.
Helpful Hints
- Gather detailed descriptions and photographs to aid appraisers.
- Collect sales records or auction results for similar items.
- Keep invoices or receipts to establish original purchase prices and provenance.
- Consider hiring a certified appraiser for high-value or complex assets.
- File the inventory and appraisal on time to avoid court sanctions.
- Review the Illinois Probate Act (755 ILCS 5) for procedural deadlines and requirements.