Calculating Fair Market Value of Personal Property in Wyoming Probate Cases
Detailed Answer
Calculating fair market value (FMV) of personal property in a Wyoming probate case involves several steps. Under Wyoming law, the personal representative must obtain appraisals of the decedent’s tangible personal property—including furniture, jewelry, vehicles, and collectibles—as required by Wyo. Stat. Ann. § 2-3-110 (link). The valuation date is the decedent’s date of death, and FMV is defined as the price at which property would pass between a willing buyer and a willing seller, each having reasonable knowledge of relevant facts and neither under compulsion to buy or sell (Wyo. Stat. Ann. § 2-3-111).
Appraisal Requirements
Per Wyo. Stat. Ann. § 2-3-110, the court appoints one or more qualified appraisers. If the estate’s personal property exceeds $20,000 in value, two appraisers must be appointed. Appraisers file a written report listing each item and its FMV. The inventory and appraisal report must be filed with the court clerk within four months of appointment unless an extension is granted.
Methods for Determining FMV
Appraisers generally use one or more of the following approaches:
- Comparative Sales Analysis: Reviewing recent sale prices of similar items in comparable condition.
- Auction Results: Using realized prices from public auctions.
- Dealer Quotes: Obtaining valuations from reputable dealers in the relevant market.
- Professional Appraisals: Hiring certified appraisers for unique, rare, or high-value items.
Why Accurate FMV Matters
Accurate FMV figures ensure proper estate administration by:
- Determining the value of assets available to creditors.
- Calculating estate tax and inheritance tax liabilities.
- Ensuring fair distribution to beneficiaries.
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult a qualified attorney for advice on your specific situation.
Helpful Hints
- Always use the date of the decedent’s death as your valuation point.
- Keep detailed records of all appraisal methods and information sources.
- For high-value or unusual items, consider hiring a certified appraiser.
- Search online marketplaces and auction archives for comparable sales data.
- If you need more time, request an extension from the court before the four-month deadline.