Disclaimer: This article is for informational purposes only and does not constitute legal advice.
Detailed Answer
In West Virginia probate, fair market value means the price at which a piece of personal property would sell on the open market between a willing buyer and a willing seller, both having reasonable knowledge of the relevant facts and neither under compulsion to buy or sell. West Virginia law outlines key steps and deadlines for valuing personal property in an estate.
1. Time of Valuation
By default, you appraise personal property at its value on the date of the decedent’s death. Under WV Code §44-1-4, an executor may petition the court within six months for a different valuation date if market conditions change dramatically.
2. Appointment of Appraisers
West Virginia law requires the executor or administrator to select at least two disinterested persons to appraise personal property. See WV Code §44-1-5. Appraisers must be impartial residents of the county where the probate occurs. They first swear an oath to perform their duties conscientiously.
3. Conducting the Appraisal
Appraisers inventory each item and assign a value that reflects current market conditions. They use methods such as:
- Reviewing recent auction results for similar items.
- Consulting dealers, catalog or online listings.
- Obtaining professional appraisals for antiques, jewelry or collectibles.
Appraisers then sign and deliver a written report to the executor.
4. Filing Inventory and Appraisal
Within 90 days after appointment, the executor files a formal inventory and appraisal listing all personal property with the clerk of the court, per WV Code §44-1-7. This document becomes part of the probate record and serves as the basis for estate administration, creditor notices and distribution to beneficiaries.
If beneficiaries or creditors dispute the values, they may file objections or request a rehearing. Ultimately, the court may order a reappraisal or adjust values based on evidence.
Helpful Hints
- Start valuations early to meet the 90-day filing deadline.
- Choose appraisers with experience in the specific type of property you have—for example, art or vehicles.
- Document your sources: keep copies of auction catalogs, dealer quotes or online screenshots.
- Compare multiple methods (auction vs. retail) to ensure a fair price.
- Consider hiring a licensed appraiser for high-value or unique items to avoid court challenges.