Can appraisal be waived if will is very specific as to assets and beneficiaries are adult children who agree to waive?
This estate is in CA (LA county) and the will is quite specific as to who gets what. The children who are all adult will agree to any waiver and the only estate debt is a small mortgage on the house. Can the appraisal be waived in this case?
In general, an Inventory and Appraisal is required by the court in the probate process. However, the court does have the authority to waive the appraisal for "good cause." The appraisal is not waived based on the agreement of the beneficiaries, although this may weigh favorably in the eyes of the court.
As a practical matter, there is little reason to waive the appraisal. In fact, it may be very important to determine the value at the time of death of certain assets, such as real property, securities, etc., since you will need the cost basis/step up in basis information if and when you ever decide to sell those assets. Proper accounting could save you substantial money in the future.
If you have questions regarding the specifics of your case, I would suggest meeting with a qualified California attorney.
Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship.
The asnwer to that will be up to the Probate court. Usually, it will depend upon what is to be done with the house. It also may be better to have it appraised because it may later be needed to establish a base for capital gains in the future.