Write a short essay in which you identify the various types of property and describe how a personal representative should go about valuing each type of property for the inventory
What will be an ideal response?
Real property must be appraised in some states but other states have different requirements, such as obtaining a copy of an assessment or a recommendation from a realtor. Vehicles can be valued using Kelley Blue Book or NADA. Simple household items and other personal property can be valued as its estimated fair market value. Antiques and other valuables should be appraised.
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