How are used or unclaimed estate items valued? | NC

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Q: How is personal property valued in an estate when the items are used, low-value, or were never picked up by an heir? A: In probate, personal property is usually valued at its fair market value as of the date of death. That means what a willing buyer would reasonably pay for the item in its used condition at that time. It is not the original purchase price. It is not replacement cost. And it…