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  1. #1
    Join Date
    Feb 2009
    Posts
    20

    Default 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?

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default 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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