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House Will Not Be Sold: How Set Value and Does This Valuation Affect Probate Costs

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  • 03-12-2009, 09:19 AM
    rid
    House Will Not Be Sold: How Set Value and Does This Valuation Affect Probate Costs
    My questions involves estate proceedings in the state of: il cook county.

    1. When the house is not going to be sold during estate settlement, how is the house valuation done, by law? by whatever the executor claims on the form?

    2. does the value of the house, even if the house is not going to be sold, affect the cost of the probate process?
  • 03-12-2009, 11:28 AM
    aaron
    Re: House Will Not Be Sold: How Set Value and Does This Valuation Affect Probate Cost
    1. Generally speaking, assets that need to be appraised are professionally appraised.

    2. Possibly. If the executor and/or attorney for the estate are being compensated based upon the size of the estate, then the value of the house will affect their compensation.
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