California Probate Code 8802 – The inventory and appraisal shall separately list each item and shall …
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The inventory and appraisal shall separately list each item and shall state the fair market value of the item at the time of the decedent‘s death in monetary terms opposite the item.
(Enacted by Stats. 1990, Ch. 79.)
Terms Used In California Probate Code 8802
- Appraisal: A determination of property value.
- Decedent: A deceased person.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See California Probate Code 74