Disclaimer: This article is for informational purposes only and does not constitute legal advice.
Detailed Answer
Under Kansas law, the fair market value of personal property in a probate case is the price a willing buyer would pay a willing seller for the property on the date of the decedent’s death. Kansas statutes require a formal appraisal process to establish this value for estate administration.
Appointment of Appraisers: Upon opening probate, the court appoints three disinterested appraisers to value all personal property in the estate. See K.S.A. 59-1502.
Appraisal Procedure: The appointed appraisers inspect each item, consider comparable sales, and apply standard appraisal methods—such as sales comparison, cost, and income approaches—to determine fair market value as of the date of death. They must then prepare a signed appraisal listing each item and its value. See K.S.A. 59-1503.
Filing the Appraisal: The completed appraisal must be filed with the probate court clerk within 90 days after letters are issued. The court reviews it and may require additional evidence if values appear unreasonable. See K.S.A. 59-1504.
Special Valuation Rules: For certain assets—such as securities, closely held business interests, and antiques—appraisers often rely on professional or industry valuation guides, certified appraisers, or publicly available market data to support their conclusions.
Helpful Hints
- Gather documentation: Collect sales receipts, auction records, and price lists to support values.
- Work with professionals: Consider certified appraisers for complex or high-value items.
- Use multiple approaches: Compare sales, replacement cost, and income where applicable.
- File on time: Submit the appraisal within 90 days to avoid court delays.
- Maintain records: Keep all appraisal reports and supporting evidence with the estate file.