Nevada Revised Statutes 144.020 – Appraisers: When appointment authorized; compensation; record of value in lieu of appraisement; exceptions
1. A personal representative may engage a qualified and disinterested appraiser to ascertain the fair market value, as of the decedent‘s death, of any asset the value of which is subject to reasonable doubt. Different persons may be engaged to appraise different kinds of assets included in the estate.
Terms Used In Nevada Revised Statutes 144.020
- Appraisal: A determination of property value.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Decedent: A deceased person.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
2. Any such appraiser is entitled to a reasonable compensation for the appraisal and may be paid the compensation by the personal representative out of the estate at any time after completion of the appraisal.
3. Except as otherwise provided in NRS 144.010, if there is no reasonable doubt as to the value of assets, such as money, deposits in banks or credit unions, bonds, policies of life insurance, or securities for money or evidence of indebtedness, and the asset is equal in value to cash, the personal representative shall file a verified record of value in lieu of the appraisement.
4. If it appears beyond reasonable doubt that there will be no need to sell assets of the estate to pay the debts of the estate or expenses of administration, or to divide assets for distribution in kind to the devisees or heirs, the personal representative may petition the court for an order allowing a verified record of value to be filed in lieu of the appraisement or, if no interested person is prejudiced thereby, an order waiving the requirement for filing an appraisement or verified record of value, and the court may enter such an order with or without notice.
5. If the personal representative reasonably believes that the value of the household furniture and furnishings of the estate is less than $30,000, the personal representative may file a verified record of value in lieu of the appraisement. Notwithstanding the provisions of this subsection, any interested person may petition the court to require the personal representative to obtain an appraisement on some or all of such household furniture and furnishings. Upon a showing of good cause, the court shall order the appraisement.