Disclaimer: This article provides general information under Missouri law. It is not legal advice. Consult a qualified attorney for guidance on your specific situation.
Detailed Answer
Under Missouri law, when you open a probate case, you must list and value the decedent’s personal property as of the date of death. Missouri Revised Statutes section 472.270 requires two disinterested appraisers to inventory and appraise all personal property, except for household effects, wearing apparel, and farm implements of nominal value.RSMo § 472.270
Fair market value (FMV) is defined as the price at which property would change hands between a willing buyer and seller, neither under compulsion, with both having reasonable knowledge of relevant facts. Appraisers determine FMV by considering:
- Recent sales of comparable items in the local market.
- Condition, age, quality, and remaining useful life.
- Replacement cost minus depreciation.
- Rarity or special features that affect price.
For complex or high-value assets—antique furniture, art, collectibles—courts often accept written appraisals from certified professionals such as personal property appraisers or auction houses. Appraisers must sign under oath, and the inventory and appraisement are filed with the probate court clerk.
Once filed, the court uses these values to calculate estate taxes, creditor notices, and distribution shares. If beneficiaries or creditors dispute a valuation, they may petition the court for a hearing to challenge the appraised FMV.
Helpful Hints
- Engage experienced, disinterested appraisers early to meet filing deadlines.
- Collect receipts, invoices, auction records, and photos to support values.
- Value property as of the date of death, not the filing date.
- Retain all appraisal reports; the court may require originals or sworn statements.
- If values are in dispute, consider mediation before a formal court hearing.