Skip to main content

Probate--when vehicles are listed, is it customary to use the average trade-in value when they could be sold for more?

Charlotte, NC |
Filed under: Estate administration

What about supposed estate debts--shouldn't they be itemized or is a made-up sum accepted?

Attorney Answers 3

Posted

It is hard to answer this question since it is unclear what you are referring to. If you are talking about an initial petition for administration, the exact information about assets and debts may not be available and estimates are fine. If you are talking about an inventory or an accounting, then more exact amounts should be used.

The above answer is not to be considered legal advice and should not be relied upon as such. You should consult your attorney for specific legal advice as to your individual situation.

Mark as helpful

3 lawyers agree

1 comment

Asker

Posted

Thank you--they're included in the list of assets from my father-in-law's estate.

Posted

I agree with attorney Blaustein that it will be hard to give you an answer without more information. However, generally if it is for an application you can be less specific with your amounts. An inventory will require the specific date of death value of the vehicle. Generally, most clerks will want to see the tax value of the vehicle as of the date of death. With that said, I would call and ask the clerk in the particular county you are (presumably) administering the estate in to see what they prefer.

This response is for informational purposes only and is not meant as legal advice. No attorney-client relationship has been established.

Mark as helpful

Posted

Probate assets, including vehicles, are listed at fair market value as of date of death. Typically we use values found on kbb.com for vehicles.
Estate debts are listed at actual sums, until the claims period has expired. Then the executor sorts out legitimate claims according to the tiers set forth in the NC general statutes.
If you need further assistance, please contact our firm.

Mark as helpful

Wills and estates topics

Top tips from attorneys

What others are asking

Can't find what you're looking for?

Post a free question on our public forum.

Ask a Question

- or -

Search for lawyers by reviews and ratings.

Find a Lawyer

Browse all legal topics